Tesla on Wednesday (Oct 19) posted record third-quarter revenue but still missed Wall Street estimates as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, while spending on new factories and new battery production squeezed margins. The company did not set out year-
Tesla on Wednesday posted record third-quarter revenue but still missed Wall Street estimates as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, while spending on new factories and new battery production squeezed margins.
"Raw material cost inflation impacted our profitability along with ramp inefficiencies" from its new factories in Berlin and Texas, and the production of its new 4680 batteries, according to Tesla's statement. Tesla's revenue for the third quarter was US$21.45 billion, a record but short of analysts' estimates of US$21.96 billion, according to IBES data from Refinitiv.
"Tesla will likely face challenges with ramping new production, particularly in Berlin, putting it in danger of missing 50 per cent growth in deliveries for the year." Tesla achieved record quarterly deliveries largely thanks to its rampup in China. But the most prominent proponent of electric vehicles has seen its shares tumble about 50 per cent from record highs last November as investors were spooked by a cooling global economy and Musk's bid to buy social media company Twitter.
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Tesla misses quarterly revenue estimates; shares slump(Reuters) -Tesla Inc's third-quarter revenue missed Wall Street estimates on Wednesday as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, sparking concerns about softening demand.Tesla shares slumped as much as 7 per cent after the results. 'Raw material cost
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Musk: SpaceX will keep funding Starlink for UkraineSTORY: Elon Musk is reversing course on his decision to stop funding Starlink internet service in Ukraine, citing the need for “good deeds.”The decision came a day after he said his rocket company SpaceX could no longer afford to pay for it.In a tweet on Saturday (October 15), he wrote, “...even though Starlink is still losing money and other companies are getting billions of taxpayer dollars, we’ll just keep funding the Ukrainian government for free.”On Friday (October 14), the multi-billionaire and Tesla CEO said that SpaceX could not indefinitely fund Starlink in Ukraine. The service has helped civilians and the military stay online during the war with Russia.Musk has been in online fights with Ukrainian officials over a peace plan he put forward, which Ukraine says is too generous to Russia.He made his remarks about funding after a media report that SpaceX had asked the Pentagon to pay for the donations of Starlink.SpaceX did not respond to a request for comment. The Pentagon declined to comment.
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Tesla misses quarterly revenue estimates; shares slump(Reuters) -Tesla Inc's third-quarter revenue missed Wall Street estimates on Wednesday as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, sparking concerns about softening demand.Tesla shares slumped as much as 7 per cent after the results. 'Raw material cost
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Uber looks to boost digital ad revenue with new advertising division(Reuters) - Uber Technologies Inc has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers.With a reach of 122 million monthly active users globally, the company said on Wednesday it will sell ad space inside its ride
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