Tesla Beats Q3 Earnings Expectations While Global Markets Retreat


Shares of Tesla (TSLA) are up nearly 10% in after-hours trading Wednesday after Q3 revenue and earnings far exceeded estimates.

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.

TSLA via Google Finance

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.

More: Tesla shares soar on surprise third-quarter profit that beats Wall Street expectations
Related: Twitter Locks Elon Musk’s Account After Bitcoin Post

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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