Tesla earns $690m less than expected in third quarter | Tesla
Tesla shares slid nearly 5% in after-hours trading Wednesday after several misses on Wall Street expectations in its third quarter earnings of 2023. Revenue for the third quarter was $23.4bn compared to analyst predictions of $24.09bn, with total gross profit declining 22% year-over-year. Earnings per share were $0.66 compared to a predicted $0.74, translating to a net income of $1.9bn – compared to $3.3bn one year ago. Analysts had expected the electric carmaker’s profitability to decrease since it reported a 7 percentage point decline in vehicle deliveries in quarter three compared to quarter two of this year. Tesla produced 416,800 Model 3 compact cars and Model Y sport-utility vehicles – its mass-market models – compared with 345,988 in the same quarter last year and 13,688 deliveries of its Model S and Model X premium vehicles, compared with 19,935 at the same time last year. The report is the first released after Zachary Kirkhorn, the longtime chief financial officer of the electric vehicle company, stepped aside in August. His role was taken over by chief accounting …