Tesla reported third-quarter net income of 787 million dollars as revenue remained close to its year-earlier level. Higher gross profit was accompanied by a larger operating expense bill. Capital spending increased, and free cash flow declined from the corresponding quarter. Vehicle deliveries fell while energy storage deployments increased, alongside lower revenue in both the automotive and energy businesses.
Tesla reported third-quarter net income attributable to common shareholders of 787 million dollars, down from 1.373 billion dollars a year earlier. Diluted earnings per share fell from 0.39 dollars to 0.22 dollars. Revenue was 28.046 billion dollars, compared with 28.095 billion dollars in the corresponding quarter. The electric vehicle and energy company released its results on October 21.[1], [2]
Gross profit increased from 5.054 billion dollars to 5.494 billion dollars. Operating expenses rose from 3.430 billion dollars to 4.776 billion dollars, while operating income declined from 1.624 billion dollars to 718 million dollars. Automotive revenue fell from 21.205 billion dollars to 20.560 billion dollars. Energy generation and storage revenue declined from 3.415 billion dollars to 2.881 billion dollars.[1]
Services and other revenue increased from 3.475 billion dollars to 4.605 billion dollars. Vehicle deliveries fell 2 percent to 486,532, while production rose 4 percent to 464,391. Energy storage deployments increased from 12.5 gigawatt-hours to 13.7 gigawatt-hours.[1]
Operating cash flow totaled 6.263 billion dollars. Capital expenditures increased from 2.248 billion dollars to 4.732 billion dollars. Free cash flow, calculated by subtracting that spending from operating cash flow, declined from 3.990 billion dollars to 1.531 billion dollars. Tesla’s quarterly financial statements are unaudited.[1]
