Q3 earnings: Musk claims Tesla could be worth more than Apple and Saudi Aramco combined
Plus, the Tesla CEO addresses pending acquisition of Twitter on earnings call.
After the closing bell, Tesla held its third-quarter earnings, revealing lower revenue than expected and delivering fewer vehicles in the third quarter. The company’s reported gross margin was 27.9%, down from 30.5% last year. Analysts at RefinitivIt had forecasted $3.5 billion in earnings, while the company reported adjusted earnings of $3.7 billion, up 75% from last year. RefinitivIt had also overestimated Tesla’s revenue, which fell short of expected with $21.45 billion versus $21.96 billion. Tesla’s earnings of $1.05 a share are up from 62 cents from the previous year.
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