Tesla reports record profits
Tesla reports record profits...
Subscribe to Newsletter

Tesla reports record profits

22 October 2021
3381
2 min.
4
Tesla reports record profits

Profits and deliveries

Tesla (TSLA) reported strong earnings and revenue growth on Wednesday, but gave no outlook for the full year 2021. Elon Musk did not attend the financial reporting conference. Tesla reported an important change in battery chemistry.

Global electric vehicle manufacturing leader Tesla (TSLA) reported financial results for the third quarter of 2021 on Wednesday after the close of trading, which were expected to be strong thanks to record quarterly auto shipments.

However, despite the good quarter, Tesla shares fell 1.62% on the post-market.

CEO Elon Musk was not in attendance for the report conference call, with Tesla chief financial officer Zachary Kirkhorn, who took over as chief executive last quarter, speaking to analysts.

Kirkhorn's statements were more cautious than investors usually hear from Musk, Tesla gave no forecast for the full year 2021 and warned that profitability growth could slow while new plants ramp up production. Tesla plans to start production at its new plants in Texas and Germany in 2021, with deliveries to consumers starting shortly thereafter. This is in line with current investor expectations.

Tesla's third-quarter report figures

Tesla reported earnings per share of $1.86, three times last year's figure, 28% higher than in the second quarter and higher than analysts' latest estimate of $1.67. The company's total profit for the quarter was $1.62bn, the second time it has surpassed $1bn.

Total revenue rose 119% to a record $13.8bn, but came in slightly below Wall Street estimates of $13.9bn.

At the beginning of October Tesla reported another record 241300 electric car deliveries, which was higher than market forecasts and 40 000 more units compared to 201250 deliveries in the second quarter.

Tesla shares rose 33.35% over the last quarter, and the stock is up about 12% from the record shipments announcement to the start of trading on Wednesday. During the same period, the Nasdaq Composite Index rose about 4%.

Tesla also made $806 mln from its energy business, including sales of solar cells and energy storage products, and made $894 mln from services and other revenues.

Persons2 and Companies2 in the news

Chief financial officer at Tesla
1 place
CEO of Tesla
2 place
Nasdaq
1 place
Tesla
2 place
Section:
Rating companies
Instagram
15 Mention
Tesla
14 Mention
Netflix
13 Mention
JP Morgan Chase
11 Mention
Ford Motor Company
11 Mention
Amazon
10 Mention
TikTok
8 Mention
White House
7 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8132254978
Died this year
27691780
Born this year
68126680