Tesla reports lower than expected revenue for its fiscal third quarter.
A redesigned Roadster, Semi, and Tesla Cybertruck are all expected in 2023.
Shares of the EV maker are down more than 1.0% in extended trading.
Tesla Inc (NASDAQ: TSLA) on Wednesday blamed supply chain challenges, and the global chip shortage as its revenue fell shy of estimates in the fiscal third quarter. Shares of the EV manufacturer are down more than 1.0% in after-hours trading.
Q3 financial performance
Tesla reported $1.6 billion in earnings that translates to $1.44 per share. In the comparable quarter of last year, its earnings were capped at a sharply lower $331 million or 27 cents per share. Adjusted for non-recurring items, the Nasdaq-listed company earned $1.86 a share.
The U.S. firm generated $13.8 billion in revenue that represents an annualised growth of 57%, as per the earnings press release. According to FactSet, experts had forecast $1.62 of adjusted EPS but a higher $14 billion in revenue.
Gross margin and other notable figures
Tesla’s profit and revenue hit a record this quarter on gross margin that improved to 26.6%. Other notable figures included $806 million in revenue from its energy business, $894 million from services, and a bitcoin investment-related impairment worth $51 million.
The electric vehicle manufacturer already reported Q3 deliveries earlier this month.
According to CEO Elon Musk, a redesigned Roadster, Semi, and Tesla Cybertruck are all expected in 2023, by which the U.S. automakers are likely to have resolved the supply chain shortages.
The earnings report comes a day after the Bank of America Securities upgraded its price target on Tesla to $900 that represents an about 5.0% upside from here. Shares of the United States’ leading EV maker are already up roughly 18% on a year-to-date basis. Source : Invezz.com
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