Tesla reported record earnings that blew past Wall Street forecasts, as the company was able to shake off the effects of a shortage of computer chips and other raw materials that has dogged the auto industry in recent months.
The company reported operating earnings of $2.1 billion, up 30% from its previous record earnings in the second quarter, with earnings per share 17% better than the consensus of analysts surveyed by Refinitiv. It marked the sixth straight quarter that Tesla posted record earnings on that basis.Revenue rose 15% to $13.8 billion, roughly in line with estimates.
"But Tesla was able to raise prices on its cars, despite increased competition from electric vehicles now being offered by traditional automakers such as Volkswagen , General Motors and Ford . The company had previous disclosed that it had record sales in the quarter, up 20% compared to the previous three months, and up 73% from the year-earlier period.
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