Tesla (NASDAQ:TSLA) stock has been throttled in the month of October, ahead of its third quarter earnings report. Shares of Tesla had dropped 14.5% month-over-month as of close on Wednesday, October 23, 2024. That drove the stock into negative territory in the year-to-date period, now down 14% at the time of this writing.
The Elon-Musk led company finally released its third quarter (Q3) fiscal 2024 earnings report after markets closed on the same day.
In Q3 FY2024, Tesla reported revenue of $25.18 billion compared to $25.4 billion that was expected by Bloomberg analyst consensus. However, that was still higher than the $25.05 billion revenue it posted in the second quarter. Moreover, it topped the $23.40 billion revenue it reported in the previous year. Telsa reported adjusted earnings per share (EPS) of $0.72 in Q3 2024, which beat analyst expectations. Moreover, it posted adjusted net income of $2.5 billion and free cash flow of $2.9 billion.
Tesla stated that it delivered 462,890 vehicles in Q3 2024 – up 6.4% compared to the second quarter. This delivery number also beat out the 435,059 electric vehicles (EVs) that Tesla delivered in the prior year period. Regardless, the delivery number still fell short of expectations.
While analysts may have been left wanting a little more from the EV manufacturer, Tesla stock was still up over 8% in after-hours trading. The company is still geared up for strong earnings growth going forward.
Tech Insider
