{"id":117712,"date":"2024-10-24T05:47:46","date_gmt":"2024-10-23T22:47:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=117712"},"modified":"2024-10-24T05:47:46","modified_gmt":"2024-10-23T22:47:46","slug":"tesla-stock-jumps-on-q3-earnings-beat","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=117712","title":{"rendered":"Tesla stock jumps on Q3 earnings beat"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tesla (<a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/TSLA\" data-ylk=\"slk:TSLA;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">TSLA<\/a>) reported mixed third quarter results after the bell on Wednesday, but the stock jumped in after-hours trading as investors cheered the earnings beat, higher gross margins, and news that Tesla&#8217;s cheaper EV is on track for production next year. CEO Elon Musk also added on the earnings call that Tesla&#8217;s volume growth could be 20-30% next year.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->For the quarter, Tesla reported revenue of $25.18 billion vs. $25.4 billion per Bloomberg consensus, higher than the <a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/tesla-stock-slides-after-mixed-q2-results-says-affordable-evs-on-track-for-2025-debut-150848480.html\" data-ylk=\"slk:$25.05 billion it reported in Q2;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">$25.05 billion it reported in Q2<\/a> and also topping <a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/tesla-q3-earnings-140032243.html\" data-ylk=\"slk:the $23.40 billion Tesla reported a year ago;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">the $23.40 billion Tesla reported a year ago<\/a>. Tesla posted adjusted EPS of $0.72 vs. $0.60 expected, on adjusted net income of $2.5 billion and free cash flow of $2.9 billion.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The closely watched gross margin figure came in at 19.8%, much higher than the 16.8% expected.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tesla shares were up nearly 11% in after-hours trade.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->&#8220;We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes,&#8221; the company said in its earnings deck. &#8220;Preparations remain underway for our offering of new vehicles \u2014 including more affordable models \u2014 which we will begin launching in the first half of 2025.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Earlier this month, Tesla announced third quarter deliveries that slightly missed expectations, sending the stock lower.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tesla said it delivered 462,890 vehicles in Q3, up 6.4% quarter over quarter, to mark the first quarter of delivery growth this year. The numbers also came in ahead of the 435,059 EVs the company delivered in the year-ago period. But Wall Street had expected Tesla to deliver closer to 463,897, according to Bloomberg.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->&#8220;Refreshed Model 3 ramp continued successfully in Q3 with higher total production and lower cost of goods sold quarter-over-quarter. Cybertruck production increased sequentially and achieved a positive gross margin for the first time,&#8221; Tesla said in its report.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tesla said it expects vehicle deliveries to achieve &#8220;slight growth&#8221; in 2024. CEO Elon Musk added during the conference call that 20-30% growth next year is possible, though he couched it as a &#8220;best guess.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Ahead of Tesla&#8217;s Q3 disclosure, shares were down approximately 11% since Tesla revealed its robotaxi, dubbed the Cybercab, at its showy \u201cWe, Robot\u201d event from the Warner Bros. studio lot in Burbank, Calif., on Oct. 10.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Investors and analysts were left wanting more details from Tesla\u2019s \u201cWe, Robot\u201d event on the Cybercab itself and detailed testing plans, along with questions about the development of Tesla\u2019s sub-$30,000 EV, dubbed the Model 2.<!-- HTML_TAG_END --><\/p>\n<p><button class=\"secondary-btn fin-size-large readmore-button rounded   yf-15mk0m\" data-ylk=\"elm:readmore;itc:1;sec:content-canvas;slk:Story%20Continues\" aria-label=\"Story Continues\" title=\"Story Continues\"> <span>Story Continues<\/span> <\/button> <\/p>\n<div class=\"read-more-wrapper\" style=\"display: none\">\n<figure class=\"yf-8xybrv\">\n<div class=\"image-container yf-24rror loader\" style=\"--max-height: 540px;\">\n<div class=\"image-wrapper yf-24rror\" style=\"--aspect-ratio: 960 \/ 540; --img-max-width: 960px;\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"A Tesla Cybercab robotaxi (credit: Tesla)\" loading=\"lazy\" height=\"540\" width=\"960\" class=\"yf-24rror loader\"\/><\/div>\n<\/div><figcaption class=\"yf-8xybrv\"><!-- HTML_TAG_START -->A Tesla Cybercab robotaxi (Tesla)<!-- HTML_TAG_END -->  <span class=\"caption-separator yf-8xybrv\" data-svelte-h=\"svelte-nxhdlu\">\u00b7<\/span> <span>Tesla<\/span><\/figcaption><\/figure>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->On the conference call, Musk said the Cybercab would reach volume production in 2026, not just start production, and the company aims for 2 million Tesla Cybercabs per year.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tesla and Musk added the company remains on track for the production of new vehicles, likely including a cheaper EV, in the first half of next year.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Musk also said that the company is testing robotaxi summoning and drives in the San Francisco area for employees, with safety drivers at the wheel.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tesla reported that its Energy Generation and Storage business hit a record gross margin of 30.5% in Q3, and that it expects the business to more than double year over year in 2024.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><em>This story is developing. Check back for updates. <\/em><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><em>Pras Subramanian is a reporter for Yahoo Finance. You can follow him on<\/em><a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/twitter.com\/Pras_S\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:X;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><em> X<\/em><\/a><em> and on<\/em><a data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/www.instagram.com\/pras_s\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Instagram;cpos:5;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><em> Instagram<\/em><\/a><em>.<\/em><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><a data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/finance.yahoo.com\/topic\/earnings\" data-ylk=\"slk:For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here;cpos:6;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><strong>For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here<\/strong><\/a><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><a data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><!-- HTML_TAG_END --><\/p>\n<\/div><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><script async src=\"\/\/www.instagram.com\/embed.js\"><\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/tesla-stock-jumps-on-q3-earnings-beat-202258345.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla (TSLA) reported mixed third quarter results after the bell on Wednesday, but the stock jumped in after-hours trading as investors cheered the earnings beat, higher gross margins, and news &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=117712\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-117712","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/117712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117712"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/117712\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}