Shares of Tesla fell as much as 1.5% to $853 in after market trading. The company’s automotive gross margin, a key gauge of profitability, widened to 28.8% in the latest quarter, up from 27.7% a year earlier. The results mark the ninth straight quarter of profit for the 18-year-old electric carmaker. That beat the $1.67 a share average of analysts’ estimates. Earnings came to $1.86 a share on an adjusted basis, the Palo Alto, California-based automaker said Wednesday. Sales at Elon Musk’s electric-vehicle and clean-energy company rose 57% to $13.8 billion, missing estimates of $13.9 billion. reported revenue that fell short of Wall Street estimates, but managed to beat third-quarter earnings projections despite a semiconductor shortage and supply-chain challenges that have stymied competing automakers.
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