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published in Blogs
Oct 20, 2022
Tesla (TSLA, $222.04) Q3 revenue misses expectations

Tesla (TSLA, $222.04) Q3 revenue misses expectations

Tesla  shares plunged on Thursday, after the electric carmaker's s third quarter sales came in lower than analysts’ expectations. The company also cautioned that its full-year vehicle deliveries may be lower than its 50% growth target.

Revenues climbed +56% from the year-ago quarter to $21.45 billion, shy of analysts' expectations of $21.96 billion.  

Tesla’s adjusted earnings for the quarter rose +70% year-over-year to $1.05 per share, beating the Street expectations by 5 cents.

“As we look ahead, our plans show that we're on track for the 50% annual growth in production this year, although we are tracking supply chain risks which are beyond our control," CFO Zachary Kirkhorn said.

"On the delivery side, we do expect to be just under 50% growth due to an increase in the cars in transit at the end of the year, as noted, just above," Kirkhorn added. "This means that, again, you should expect a gap between production and deliveries in Q4, and those cars in transit will be delivered shortly to their customers upon arrival to their destination in Q1."

Related Tickers: TSLA