Tesla (TSLA) Reported Q3 Beat, Achieved Record Profitability
Tesla (NASDAQ: TSLA) reported its Q3 earnings result, with EPS coming in at $1.86 and revenue at $13.76 billion (up 57% year-over-year), beating the consensus estimates of $1.58 and $13.62 billion, respectively.
Q3 was a record quarter, as the company achieved its best-ever net income, operating profit, and gross profit.
According to the company, vehicle ASP (average selling price) declined by 6% year-over-year in Q3 on reduction of the Model S and Model X mix due to product updates, and on continued mix shift towards lower-priced vehicles.
The company saw a continuation of global supply chain, transportation and other manufacturing challenges during the quarter. While sequential growth remains the company’s goal, which runs its production lines as close to full capacity as conditions allow, the company said that the magnitude of growth will be determined largely by outside factors.
Shares of Tesla declined 0.6% after-hours following the news.