Tesla’s revenues raised 39% year-over-year basis to reach $8.77 billion in Q3 2020, up from expected $8.29 billion, according to the company’s press release. Earnings per share were $0.76, up from the expected $0.55. Growth in quarter earnings attributed to expansion in vehicle deliveries and other sections of the business despite fall in average selling price (ASP) compared to comparable period last year.
- Tesla increases Shanghai Model 3 production capacity to 250,000
- The company targets 500,000 deliveries in FY2020 compared to prior guidance of exceeding the half million mark.
- Company’s semi deliveries to start in 2021 and aiming for further improvements in logistics and delivery efficiency at higher volumes
- Tesla achieved a 6.3% operating margin for the trailing 12 months and expects it to grow and attain industry-leading levels.
- GAAP operating income was $ 809 million or 9.2% operating margin in Q3
- GAAP net income was $331 million, while non-GAAP net income was $874 million in Q3
- Stock-based compensation (SBC) expense increased to $543 million, driven by 2018 CEO award milestones.
- Increase in cash and cash equivalents by $5.9 billion in Q3 to $14.5 billion
Tesla stock is gaining on quarterly results. TSLA: NASDAQ is up 1.17%