Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

Tesla reported revenue of $23.33 billion compared to the $23.21 billion estimated by Refinitiv, while the adjusted earnings per share were in line with the expected mark of $0.85. However, the company’s total gross margin was 19.3%, well below the 22.4% expected by analysts polled by Refinitiv.

Since the start of 2023, Tesla has tried to boost the sales of its electric cars by slashing the prices on six occasions. This included a price cut on Monday night that will result in some models being available for less than $40K. Some experts predict even lower prices in the future as the company faces increased competition.

“We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale,” Tesla said in a statement released to shareholders.

Tesla’s stock closed on Tuesday at $180.59 per share, representing a 67.06% jump year-to-date. The shares fell as low as $172.66 at one point after the bell.

The post Tesla Shares Drop After Disappointing First-Quarter Earnings Results appeared first on theprimarymarket.com.

Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

Tesla reported revenue of $23.33 billion compared to the $23.21 billion estimated by Refinitiv, while the adjusted earnings per share were in line with the expected mark of $0.85. However, the company’s total gross margin was 19.3%, well below the 22.4% expected by analysts polled by Refinitiv.

Since the start of 2023, Tesla has tried to boost the sales of its electric cars by slashing the prices on six occasions. This included a price cut on Monday night that will result in some models being available for less than $40K. Some experts predict even lower prices in the future as the company faces increased competition.

“We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale,” Tesla said in a statement released to shareholders.

Tesla’s stock closed on Tuesday at $180.59 per share, representing a 67.06% jump year-to-date. The shares fell as low as $172.66 at one point after the bell.

The post Tesla Shares Drop After Disappointing First-Quarter Earnings Results appeared first on theprimarymarket.com.