Tesla Q3 Earnings Highlights: Record Revenue, Operating Margin and Free Cash Flow, Tesla Semi Deliveries Coming in December – Tesla (NASDAQ:TSLA)

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Electric vehicle manager Tesla Inc. TSLA announced its third-quarter financial results after the market closed on Wednesday. Here are the main highlights.

What happened: Tesla reported third-quarter revenue of $21.45 billion, up 56% year-over-year. The total is below analysts’ estimates of $21.96 billion, according to data from Benzinga Pro.

The company posted automotive revenue of $18.69 billion in the third quarter, up 55% year-over-year.

Tesla had adjusted earnings per share of $1.05 in the third quarter, beating a Street estimate of $1 per share.

In the third quarter, Tesla posted record revenue, free cash flow and operating profit despite what the company called “significant headwinds.” The company also added that its operating margin leads the industry at 17.2%.

Tesla produced 365,923 vehicles in the third quarter, up 54% year-over-year.

Third-quarter shipments totaled 343,830, up 42% year-over-year.

All of Tesla’s factories saw record vehicle production in the third quarter, the company said.

The company reported a record storage deployment in the third quarter at 2,100 MWh, up 62% year-over-year.

Tesla ended the third quarter with 728 stores and service outlets and 4,283 Supercharger stations with 38,883 connectors.

Tesla’s balance sheet showed $218 million in digital assets, matching the figure released in the second quarter. Tesla sold some of its Bitcoin BTC/USD earlier this year.

Related Link: How to Trade Tesla Stock Before and After Q3 Earnings

And after: Tesla plans to expand its manufacturing capabilities in the future.

“We remain focused on ramping up vehicle production as quickly as possible by increasing our weekly build rate in Fremont and Shanghai and steadily progressing through production ramps in Berlin and Texas,” the company said. .

Tesla said battery supply chain constraints are the major factor limiting the growth of the electric vehicle market.

The company said its goal for its multi-year plan is to have an average annual growth in shipments of 50%.

The Tesla Semi is expected to begin deliveries in December 2022.

TSLA Price Action: Tesla shares are down 4% at $213.38 in after-hours trading on Wednesday at the time of writing.

The interior of the Tesla Semi. Courtesy picture.

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