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Tesla (TSLA) reported mixed third quarter results. Adjusted earnings of $0.72 per share topped the Bloomberg consensus estimate of $0.60. However, revenue of $25.18 billion fell short of the expected $25.43 billion.
In the release, the company states that it does "expect to achieve slight growth in vehicle deliveries in 2024," adding that it "plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025."
Market Domination Anchors Julie Hyman and Josh Lipton break down the EV giant's results.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Stephanie Mikulich.
Tesla's third quarter results hitting the wire here. Let's go over some of the highlights here. Uh the company's earnings per share coming out 12 cents above what analysts had been anticipating at 72 cents. Revenue is a little bit light of estimates there, 25.18 billion dollars, 25.43 billion is what analysts had been predicting. And the company says now it expects a slight growth in vehicle deliveries in 2024. I believe there were some concerns about a decline there. So it says it does see them climbing a little bit here or a little bit of a gain. Um also the company says energy storage deployments will more than double uh year over year. Uh I believe they're talking about for the full year and energy storage as we have seen the vehicle uh business not as strong, energy storage has been a big area that a lot of analysts and investors have been paying attention to. So that's the sort of highlights that we're watching here. The shares are gaining ground in the after hours and gaining momentum even as people go through this. By the way, the automotive gross margin X credits 17.1%, that's ahead of the 14.9% that analysts had been expecting.
Yeah, I think that is Yeah, that that it looks like it took another little leg up on that number.
That that's what's driving that. I mean, we're about now 8%. I think you're focused on that. That's so critical. And we're getting some analyst reaction. That but that that's what a big part of what the street's focused on that just not in the trajectory of that of of course, over the next few quarters, but I think that really sums up the kind of positive reaction. Um, listen, you're gonna want more color commentary about the trajectory of margins there, more color commentary on EV demand. I think now and ahead both US and China, it'll be interesting what Musk has to say there. Um, new models on the way. You know, particularly updates on that sub uh $3,000 EV dubbed the Model 2, Julie will be interesting. I mean, we know Bulls kind of look at that. We've had them on the show talking about how they think that's possibly going to be the spring next leg higher is what they're banking on there.
Well, you know, as Elon Musk has said, don't buy this because it's a car company. But guess what? Right now, it is a car company, a car company and an energy storage and solar company. And so if those businesses are working, then investors are going to give Tesla a lot more leeway to work. I mean, it's it works like that at any tech company, right? If the core business is working, then investors say, okay, we'll give you a little a little leeway here to work on that other stuff that's coming in the future. And so it looks like at least for right now, the car business is is working a little bit better than it was.
Yeah, listen, we were down pretty substantially, remember, from the robo taxi event. That obviously underwhelmed investors who wanted more details. Who knows? Maybe get more more color on that from Musk as well.
