After two slow quarters, Elon Musk’s electric-vehicle maker reports higher-than-expected earnings per share
Tesla shares saw a 12% jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing investors’ projection of $0.60.
At the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50% drop in profits was temporary and due to difficulty competing with cheaper or price-slashed electric vehicles by rival companies such as BYD. “We don’t see this as a long-term issue,” Musk said in July, “but really fairly short term.”
More Stories
Toxic truth? The cookware craze redefining ‘ceramic’ and ‘nontoxic’
Trump tariffs could wipe out European steel sector, senior industry figure says
‘They went too far’: Musk says he regrets some of his posts about Trump