Tesla shares surge 12% as Q3 earnings beat; adjusted EPS $0.72, gross margin 19.8%, Cybertruck profitable

Oct 23, 2024, 08:15 PM

Tesla Inc. reported third-quarter 2024 earnings that surpassed Wall Street expectations, marking a rebound in profit growth for the electric vehicle maker. Adjusted earnings per share rose 9% year-over-year to $0.72, beating analysts' estimates of $0.58, while revenue slightly missed expectations at $25.18 billion compared to the forecasted $25.4 billion. Gross profit increased 20%, leading to improved gross margins of 19.8%, exceeding the expected 16.8%. Operating margin stood at 10.8%, and diluted EPS increased 17% year-over-year to $0.62. Adjusted net income reached $2.505 billion, surpassing estimates, and adjusted EBITDA was $4.665 billion. Capital expenditures rose 43% year-over-year. Automotive revenue rose 2% year-over-year to $20 billion, and the Energy Generation & Storage segment saw a 52% increase to $2.4 billion with a record 30.5% gross margin. Tesla's stock surged over 12% in after-hours trading following the earnings release, the biggest post-earnings jump since Q3 2019. The company also announced that the Cybertruck has achieved profitability for the first time. CEO Elon Musk participated in the earnings call, where he projected 50% growth next year over 2023 production volumes.