SpaceX · Tesla · Elon Musk · CNBC Technology
Tesla overtakes on earnings and sales even as auto revenue declines
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Tesla reported better-than-expected third-quarter results after the bell on Wednesday, even as automotive revenue dropped.
Key facts
- Net income attributable to common share holders plummeted 29% to $787 million, or 22 cents a share, from $1.11 billion, or 32 cents a share, a year earlier, Tesla said
- In Tesla's core automotive business, revenue declined 3% from a year earlier to $20.56 billion in the quarter
- Free cash flow plunged by 62% year over year to $1.53 billion, after Tesla turned free cash flow negative in the second quarter
- Tesla said uptake of its FSD (Supervised), a partially automated driving system the company sells for $99 per month in the U.S., grew by 20 percentage points from the second quarter
Summary
Here's how the company did, compared with estimates from analysts polled by LSEG:. Tesla's earnings report lands a day after CEO Elon Musk told investors on SpaceX's quarterly call that it would be a "good idea" for his two companies to merge, and said the boards at both have formed special committees to discuss a possible tie-up. "I feel like I'm tap dancing through a minefield," Musk said on the call, responding to a question about a potential merger. Musk addressed the matter in his opening comments on the Tesla call, but didn't provide any additional information.