Elon Musk Just CONFIRMED Tesla’s Q3 Earning Will SHOCK Investors!
Elon Musk claims that despite Tesla’s phenomenal growth, we haven’t seen anything yet. As a result, the CEO of the company turned the earnings call into a must-attend occasion for investors and enthusiasts. After the bell, Tesla released its third-quarter financial results. During the earnings call, management addressed a wide range of inquiries, including those relating to macroeconomic worries and CEO Elon Musk’s impending takeover of Twitter. The automaker announced earnings per share of $1.05 (Non-GAAP) vs $1.00 predicted by Wall Street on revenues of $21.5 billion (about $500 million less than Wall Street expected). So, what we learned from Tesla’s Q3 earnings call? Let’s find out!
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Tesla’s net income (GAAP) for the third quarter of 2022 was $3.33 billion, with automotive gross margins remaining constant at 27.9%, exactly where they were in the first quarter of 2022. Tesla posted $1.62 billion in profits for the same period previous year.
Musk responded to concerns from shareholders on the demand for electric vehicles and a potential share buyback during earnings call on Wednesday to discuss the results.
“We have tremendous demand for Q4 and we expect to sell every car we produce for as long as we can see,” Musk said. “I can’t emphasize this enough,” he said. “We are delivering every car we build, the factories are functioning at full capacity, and operating margins are high.”
He said, subject to board permission, Tesla is likely to conduct a “major repurchase” between $5 billion and $10 billion next year.
Furthermore, he added with optimism, “I think we can significantly exceed Apple’s present market cap. In fact, I foresee a route that might lead to Tesla having a value greater than the sum of Apple and Saudi Aramco. That doesn’t guarantee that it will take place or be simple.”
Tesla executives were questioned by shareholders about global macroeconomic challenges affecting their operations, including those outside of China.
Musk said that while “North America’s in pretty good health, although the Fed is raising interest rates more than they should, but I think they’ll eventually realize that and bring them down again,” “China is experiencing a recession of sorts,” mostly in the real estate markets, and “Europe has a recession of sorts driven by energy.”
Tesla’s automotive revenue totaled $18.69 billion, up 55% from the same period last year. In accordance with the increase in automotive sales, the company’s core automotive business’ cost of revenue increased to $13.48 billion during the quarter from $10.52 billion during the second quarter. The $286 million in automotive revenues for the quarter were made up by 1.5% of Tesla’s automotive regulatory credits.
In its shareholder deck on Wednesday, Tesla reaffirmed prior forecast, stating: “Over a multi-year period, we anticipate to reach 50% annual increase in vehicle deliveries.”
The company reaffirmed that deliveries of its Semi electric heavy-duty truck will start in December and stated that it is manufacturing the Semi in Nevada, where it also manufactures battery packs for its vehicles in the US. The Semi was initially introduced in December 2017.
Tesla said only that it would be produced in Texas after the expansion of Model Y production there and did not provide a clear launch date for the Cybertruck pickup.
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