Tesla (TSLA) Q3 2023 earnings outcomes: $23.5B in income and 17.9% gross margin

Tesla (NASDAQ:TSLA) posted its Q3 2023 earnings report after markets closed at this time. The outcomes, which have been mentioned within the Q3 2023 Replace Letter, have been launched after the closing bell on Wednesday, October 18, 2023.

Tesla’s earnings come on the heels of 1 / 4 that noticed a decline in manufacturing and deliveries, thanks partly to the rollout of the upgraded Mannequin 3 in Gigafactory Shanghai. Within the third quarter, Tesla produced 430,488 autos and delivered 435,059. Tesla additionally maintained its goal quantity of 1.8 million autos this 2023. 

The next is a fast overview of Tesla’s Q3 2023 earnings outcomes.

REVENUE

Within the third quarter, Tesla posted revenues of $23.35 billion. Compared, analysts anticipate Tesla to report a income of $23.9 billion in Q3 2023. Complete income grew 9% YoY in Q3 regardless of the difficult quarter. As per the Q3 2023 Replace Letter, Tesla’s third quarter revenues have been affected by the corporate’s progress and enhance in car deliveries, in addition to the diminished common promoting value of its autos year-over-year. 

EARNINGS PER SHARE

Tesla’s non-GAAP earnings per share for the primary quarter of 2023 was listed at $0.66. Compared, analysts have been anticipating Tesla to submit an earnings per share of $0.72. GAAP earnings per share was at $0.53, which can also be under the anticipated $0.64 per share. 

PROFITABILITY 

Tesla posted a 7.6% working margin in Q3. The corporate additionally posted a $1.8 billion GAAP working revenue, $1.9 billion GAAP internet revenue, and $2.3 billion non-GAAP internet revenue in Q3 within the third quarter. The truth that Tesla remained worthwhile this Q3 appears to be a testomony to the energy of the corporate’s enterprise. 

Total, working revenue decreased year-over-year to $1.8 billion within the third quarter, leading to a 7.6% working margin.

CASH

Tesla’s quarter-end money, money equivalents, and investments elevated sequentially by $3.0 billion to $26.1 billion within the third quarter. This was as a result of financing actions of $2.3 billion and free money movement of $0.8 billion.

OTHER KEY UPDATES

  • Tesla has greater than doubled the dimensions of its AI coaching compute to accommodate the corporate’s rising dataset and its Optimus humanoid robotic program.
  • First Tesla Cybertruck supply occasion is about for November 30, 2023
  • Gigafactory Texas’ Cybertruck capability is at 125,000 models per 12 months
  • Gigafactory Shanghai’s annual output has been adjusted to over 950,000 autos
  • FSD Beta’s cumulative miles has reached 525 million 
  • Tesla Power deployments hit a report excessive of 4.0 GWh in Q3 2023

Beneath is Tesla’s Q3 2023 Replace Letter.

tsla-q3 by Simon Alvarez

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Tesla (TSLA) Q3 2023 earnings outcomes: $23.5B in income and 17.9% gross margin