Summary
- Tesla is reporting its Q3 2024 earnings today
- TSLA stock down 16% in October after Cybercab unveiling
- Analysts expect quarterly profit to fall 9% to $0.59 per share
- Revenue expected to increase 9% to $25.47 billion in Q3 2024
- Auto gross margins expected to hit 14.7% after aggressive vehicle sales efforts
Article
Tesla is set to report its third-quarter 2024 earnings, with company executives expected to address inquiries from investors and analysts following the release of Tesla’s Q3 2024 Update Letter. The company’s stock has seen a 16% decline in October after the release of its vehicle delivery and production report, as well as the unveiling of the Cybercab robotaxi. While Tesla enthusiasts were excited about the new product, critics and analysts were less enthusiastic due to the lack of details provided about the Cybercab and its larger sibling, the Robovan.
Wall Street analysts have provided their expectations for Tesla’s Q3 2024 earnings, with a focus on profit, revenue, and auto gross margins. Analysts predict that Tesla’s quarterly profit will fall by 9% to $0.59 per share, while revenue is expected to increase by 9% to $25.47 billion. Tesla’s own consensus estimates a slightly higher EPS of $0.60 per share and total revenue of $25.29 billion. Additionally, analysts anticipate Tesla’s auto gross margins to reach 14.7% in Q3 2024, following a margin of 14.6% in Q2 2024.
Investors appear to be approaching Tesla’s Q3 2024 earnings cautiously, with TSLA shares trading down at $216.57 per share as of the current trading day. The company has been focusing on aggressively pushing sales of its vehicles, particularly the Model Y crossover, in key markets like the United States and China. Despite the decline in Tesla’s stock price in October, there is anticipation surrounding the company’s earnings report and the potential impact it may have on its future performance in the market.
Overall, Tesla’s Q3 2024 earnings call will provide insight into the company’s financial performance for the quarter and its future outlook. With Wall Street analysts providing expectations for profit, revenue, and auto gross margins, investors will be closely monitoring the results and any updates provided by company executives. As Tesla continues to innovate and expand its product offerings, the market will be watching closely to see how the company’s performance in Q3 reflects its long-term growth potential. Investors are encouraged to stay informed and monitor developments in the days following the earnings report for potential investment opportunities.
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