Tesla’s Q3 2022 revenue is $1 billion below analysts’ forecasts

Posted by:Alex Belov Posted on:Oct 20,2022

Tesla has published a report for the 3rd quarter of fiscal year 2022. Net profit amounted to $3.3 billion. Revenue was $21.45 billion, down $1 billion from analysts’ forecasts. Analysts had forecast revenue of $22.5 billion. Revenue was still 56% higher compared to the same quarter last year. Despite rising inflation and economic problems in the world, Elon Musk’s business continues to expand. Despite the fact that revenue was below analysts’ forecasts, Tesla is showing good results. The company managed to produce 366,000 vehicles and sell 344,000 vehicles. Automotive production rose 54% year on year. Cash flows continue to rise, and margins are above average for the S&P 500 index.

The financial report and car sales were affected by COVID restrictions in China, including the upgrade of Tesla’s largest factory in Shanghai. Demand for electric vehicles remains stable amid the risk of a recession. The outlook for Tesla remains positive.

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Alex Belov

Developers by oneinveststock.com. Analyst, investor

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