The company’s business results showed net profit of about $3.3 billion in the three months ended September, more than double the same time frame last year at $1.618 billion.
Earnings per share, adjusted for $1.05, beat expectations of 99 cents.
Revenue increased 56 percent to $21.45 billion, compared to $13.75 billion in the same period a year ago, but it remained below market expectations.
Analysts had expected sales of about $22 billion. The stock initially fell 5 percent in after-hours trading.
Technology billionaire Elon Musk’s company delivered nearly 344,000 electric cars in the third quarter, setting a new record.
However, it is uncertain whether the company will be able to meet its ambitious goal of increasing deliveries in 2022 by 50 percent compared to last year.
To do so, Tesla will have to sell more than 1.4 million vehicles for the year as a whole, and deliver more than half a million vehicles to customers in the last quarter.
For his part, the founder of “SpaceX” and “Tesla”, the American billionaire Elon Musk, sees signs of recession in China and Europe, criticizing the decisions of the US Federal Reserve to raise interest rates significantly.
“The Fed’s decisions make sense if you’re looking in the car’s rear-view mirror, not if you’re looking out the windshield,” he said.
Musk also predicted that Tesla would do well at a time when electric cars were replacing fossil-fueled cars, adding, “The general public realizes that the world is moving toward electric cars, and it’s foolish to buy a new petrol car at this point because the residual value of that petrol car will be Very low, so we are in a very good position.”
It is noteworthy that Tesla has lost 45 percent of its market value this year.
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