Tesla stock soars after investors cheer Q3 earnings details
Published On Oct 24, 2024, 9:31 AM
Tesla's stock jumped 14% following the release of its Q3 earnings report, which showed positive adjustments exceeding analyst expectations. Although revenue at $25.18 billion was slightly below the forecast, the adjusted earnings per share (EPS) of $0.72 surpassed expectations. Tesla reported improved gross margins and positive news regarding production timelines for new EV models, including a more affordable vehicle expected in early 2025. CEO Elon Musk indicated that vehicle deliveries might grow by 20-30% next year, contributing to investor optimism despite a recent decline in stock value prior to the earnings announcement.
Stock Forecasts
TSLA
Positive
Tesla's positive Q3 earnings, along with the outlook for future vehicle deliveries and new models, indicate a strong financial position. The significant rise in their stock price demonstrates investor confidence, suggesting momentum may continue as new models are introduced and production ramps up. Therefore, the outlook for Tesla appears positive in the near term.
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