Tesla posts record Q3 revenue, but misses Wall Street estimates

Asian Tech Press (Oct 20) -- Tesla Inc. posted record revenue in the third quarter, but missed Wall Street's expectations.

According to the latest earnings results, Tesla achieved revenue of $21.454 billion in the third quarter, up 56% year-over-year, a record but below Wall Street's expectations.

For the quarter, Tesla's net income attributable to common stockholders (GAAP) was $3.292 billion, up 103% year-over-year and higher than expectations of $3.19 billion.

Tesla said that factors such as rising raw material and logistics costs, inefficiencies under the production constraint for its Texas and Berlin megafactories, and the strong U.S. dollar impacted its profitability.

Tesla CEO Elon Musk expected Tesla deliveries to reach a record level in the fourth quarter, and that the company will be able to generate significant revenue even if the U.S. economy falls into a severe recession in 2023.

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