Tesla’s adjusted earnings per share (EPS) came in at $0.48, exceeding expectations of $0.43. However, this figure declined by 4 percent year-on-year.
The company’s adjusted EBITDA came in at $3.90 billion, exceeding market expectations of $3.71 billion, but showing an 8 percent decrease year-on-year.
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Tesla’s Decline in Profitability Attracts Attention
Tesla’s revenue from the automotive segment decreased by 3 percent year-on-year to $20.56 billion. Revenue from energy generation and storage fell by 16 percent to $2.88 billion, while revenue from services and other activities increased by 33 percent to $4.61 billion.
The company’s operating profit fell by 56 percent compared to the same period last year, dropping to $718 million. The operating profit margin also decreased by 322 basis points to 2.6 percent.
Tesla’s adjusted net profit fell 4 percent to $1.70 billion, while free cash flow decreased by 62 percent to $1.53 billion.
However, the company’s cash and investment assets reached $45.4 billion.
Tesla delivered 486,532 vehicles in the third quarter, a 2 percent decrease year-over-year.
Tesla’s Moves Towards Robotaxi and Artificial Intelligence
The company also included developments in autonomous driving and robotics in its financial statement.
On September 3rd, Tesla announced it began offering robotaxi rides with its Cybercab vehicles in Austin. It also announced that high-volume production of Optimus humanoid robots had begun at its Fremont facility.
The company has also started production at its new Megafactory in Texas. The facility’s planned annual capacity is stated to be 50 GWh.
On the other hand, Tesla’s active Full Self-Driving (FSD) subscriptions increased by 67 percent year-on-year to 1.74 million.
*This is not investment advice.