Tesla stock jumps on Q3 earnings beat

Published On Oct 23, 2024, 4:25 PM

Tesla reported its Q3 earnings with a revenue of $25.18 billion, which was slightly below analysts' expectations but still marked a year-over-year increase. The company achieved adjusted earnings per share (EPS) of $0.72, exceeding the predicted $0.60. Significant factors driving investor optimism include a higher gross margin of 19.8% and positive trends in vehicle deliveries, as Tesla delivered 462,890 vehicles in Q3, showing a 6.4% increase from the previous quarter. Furthermore, the company's plans to release a cheaper electric vehicle next year has generated excitement among investors, leading to an 8% increase in share price during after-hours trading.