Hong Kong, China, 13 Sept 2022, A red Tesla car passes in front of a Tesla dealership in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images)
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Electric vehicle maker Tesla reported earnings after the bell, beating on both earnings and revenue. Shares were about flat after hours. Here are the results.
- Earnings (adjusted): $1.19 vs $1.13 per share expected, per Refinitiv
- Revenue: $24.32 billion vs $24.16 billion expected, per Refinitiv
In the year-ago quarter, Tesla reported revenue of $17.72 billion and adjusted earnings of $2.52 per share.
Automotive gross margins came in at 25.9%, the lowest figure in the last five quarters. The company addressed recent price cuts in the earnings release, noting that average selling prices have been on a downward trajectory for “years.”
Earlier this month, Tesla reported vehicle delivery and production numbers for the fourth quarter of 2022 that set a new record for the company, but fell shy of the company’s goals and analysts’ expectations, despite having cut prices on its cars in December to spur customers to take deliveries before the year’s end.
Tesla reported 405,278 vehicle deliveries and production of 439,701 vehicles in the period ending December 31, 2022. Full year deliveries amounted to around 1.31 million, a record for Tesla, after the company started production at its new factories in Austin, Texas, and Brandenburg, Germany.
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