Tesla stock soars after investors cheer Q3 earnings report

Published On Oct 24, 2024, 9:31 AM

Tesla's stock price jumped 14% after the company reported its third-quarter earnings, which were better than expected in terms of adjusted earnings per share and gross margins. Although revenue of $25.18 billion fell slightly short of estimates, the company's new affordable electric vehicle is on schedule for production next year. CEO Elon Musk projected a potential 20%-30% growth in vehicle deliveries for the following year, contributing to positive investor sentiment. Notably, the gross margin hit 19.8%, exceeding expectations.

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Stock Forecasts

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Positive

Given the strong response to Tesla's earnings report and positive projections for growth, as well as the upcoming launch of affordable models, the stock is expected to maintain upward momentum in the near term.

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