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.