Tesla Beats Q3 Earnings Expectations While Global Markets Retreat
In what CEO Elon Musk called an “incredibly historic quarter,” Tesla posted adjusted earnings of $2.90 a share vs. an expected loss of $0.19 per share. This compares to a loss of $2.92 per share a year ago.
The earnings came on revenues of $6.82 billion vs. expected revenues of $6.33 billion, with a net income of $311.5 million. The company’s guidance on the timeline for its Model 3 production was also more bullish than analyst’s expected.
The earnings beat comes as global equity markets experience a tumultuous October of trading. On Wednesday, the Dow dropped more than 600 points while the S&P 500 fell more than 3%.
Japan’s Nikkei 225 is currently down more than 3% in Thursday trading, while the Shanghai Composite sits relatively flat on the day. Both the FTSE and DAX also point towards lower openings as the US tech sell-off intensifies.
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