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Tesla’s Q3 Report Shows Static Bitcoin Holdings, Revenue Below Forecast

EditorVenkatesh Jartarkar
Published 10/19/2023, 02:45 AM
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Tesla Inc. (NASDAQ: NASDAQ:TSLA) released its Q3 2023 report on Thursday, revealing static Bitcoin holdings and revenue figures that fell short of forecasts. The electric vehicle (EV) manufacturer reported a revenue of $23.4 billion, lower than what analysts had anticipated. According to InvestingPro data, the company's revenue for the last twelve months (LTM2023.Q2) was $94.03 billion, indicating a quarterly revenue growth of 47.2%.

The company also disclosed an earnings per share (EPS) of 66 cents and a gross profit margin of 17.9%, both of which did not meet market estimates. This underperformance is seen alongside a noticeable decline in vehicle deliveries, which were down by 7% from the last quarter. Yet, it's important to note that Tesla holds more cash than debt on its balance sheet, and has consistently increased its earnings per share, as per InvestingPro Tips.

Despite this drop in deliveries, Tesla remains committed to its goal of delivering 1.8 million vehicles within the year. This target remains unchanged even in light of the recent downturn in delivery numbers. The company's market cap, adjusted to $770.26 billion USD, and a 1-year price total return of 9.3% as reported by InvestingPro, demonstrate its financial stability.

In September, ahead of releasing its earnings reports, Tesla had made strategic pricing decisions. The company reduced prices for specific EV models, as well as its Full Self-Driving (FSD) Beta software. The decision to adjust prices was part of Tesla's efforts to stimulate demand and maintain a competitive edge in the rapidly evolving EV market. This aligns with InvestingPro Tips, which highlights Tesla as a prominent player in the automobile industry.

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The company also engaged with shareholders through Say Technologies to address inquiries before releasing its earnings reports. This move indicates Tesla's commitment to maintaining open communication channels with its investors, ensuring transparency, and fostering trust amidst challenging market conditions. As a testament to its commitment to its shareholders, Tesla's stockholders receive high returns on book equity, according to InvestingPro Tips.

For those interested in more insights like these, the InvestingPro product includes additional tips and real-time metrics about Tesla and other companies. With 21 additional tips listed for Tesla alone, the platform offers a wealth of information for investors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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