Tesla Reports Robust Profit Increase
Published On Oct 23, 2024, 4:30 PM
Tesla reported a 17% increase in profits for Q3 2024, attributing this rise to strong sales in battery storage and other energy products, despite slower growth in auto sales. The company earned $2.2 billion on $25.2 billion in sales during this period. While these results exceeded expectations, Tesla cautioned investors to anticipate only slight growth in vehicle deliveries for the year. The stock surged 8% in after-hours trading following the earnings report, highlighting investor confidence despite a modest increase in vehicle sales overall.
Stock Forecasts
TSLA
Positive
Given Tesla's strong Q3 earnings driven by energy products and the recent 8% stock increase, the outlook appears positive. However, caution is warranted due to the slower growth in car deliveries that the company has forecasted.
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