Tesla shares take a knock after missing Q3 targets

<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948-500×334.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Tesla-shares-take-a-knock-after-missing-Q3-targets-5363044547-iStock-1412255948.jpg 1253w" sizes="(max-width: 250px) 100vw, 250px" /><p>The company’s Q3 revenue came in at $23.4bn, lower than the predicted $24.06bn mark. Despite this, it is still a 13% increase from the previous year.</p>
<p>Tesla’s net income for this period was $2.3bn, again lower than analyst expectations of $2.56bn. Similarly, adjusted earnings per share (EPS) were $0.66 instead of the expected $0.74. In a statement on its website, Tesla said:</p>
<blockquote><p>Our main objectives remained unchanged in Q3-2023: reducing cost per vehicle, free cash flow generation while maximizing delivery volumes and continued investment in AI and other growth projects. Our cost of goods sold per vehicle decreased to -$37,500 in Q3.</p></blockquote>
<p>The company also confirmed its ongoing cost-cutting mission and cited factory upgrades as part of this process. Analysts attribute the decrease in profitability to downward pressure on margins since the company embarked on the stated cost-cutting venture.</p>
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<p><a href="https://www.leaprate.com/news/teslas-dojo-dominates-wall-street-markets/" target="_blank" rel="noopener">Tesla</a> further stated its Cybertruck deliveries are on schedule for the 30 November deadline. Yahoo Finance reported that Elon Musk, co-founder and CEO of Tesla, said in a conference call that it would take approximately 18 months before the Cybertruck initiative yields positive results.</p>
<p>The company recapitulated its 1.8 million vehicle production target. In terms of current delivery numbers, this means roughly 500,000 vehicle deliveries during the last quarter of the year.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/shares-technical-analysis/tesla-shares-take-a-knock-after-missing-q3-targets/">Tesla shares take a knock after missing Q3 targets</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>