Elon Musk’s Tesla slightly beats Q4 revenue estimates

Date:


Tesla slightly beat analysts’ estimates for fourth-quarter revenue on Wednesday, powered by record delivery of electric vehicles during the last three months of 2022.

Tesla has outperformed the industry and increased sales and profit to records in recent years, weathering the pandemic and global supply-chain issues better than rivals. But its recent, steep global price cuts mark a move toward stimulating growth at the expense of profit margins, underscoring softening demand.

The company said revenue was $24.32 billion for the three months ended Dec. 31, compared with analysts’ average estimate of $24.16 billion, according to IBES data from Refinitiv.

Tesla said its automotive operation margin was 25.9% in the fourth quarter.

Tesla offered discounts in its top markets during the quarter after strong orders had allowed the company to maintain and even raise prices in recent years. CEO Elon Musk said in December “radical interest rate changes” had affected the affordability of all cars.


Elon Musk said in December that "radical interest rate changes" had affected the affordability of all cars.
Elon Musk said in December that “radical interest rate changes” had affected the affordability of all cars.
Getty Images

The EV maker handed over to customers a record 405,278 vehicles in the fourth quarter, even as the company missed its 50% annual growth target.

Net profit for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Overdose record in Maine is set for the 3rd straight year with over 700 deaths

More than 700 people died from drug overdoses...

Madison Brooks to be laid to rest as family vows her 'life and legacy will never be forgotten'

Funeral services for LSU student Madison Brooks will...

How meal deals can be more calorific than a Big Mac and fries

Meal deals, a go-to for millions of Brits...