10/23/2019, 10:56 PM (Source: TeleTrader)
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Tesla's revenue falls 7.6% to $6.3B in third quarter

Tesla Inc. said its earnings dropped 55.4% to $0.78 per diluted share in the three months ending with September from the same period last year. Stocks spiked 11% after the bell on Wednesday as the numbers were released and profit surpassed estimates. However, earnings tumbled 54% to $143 million. Automotive sales tumbled 12.7% on an annual basis, to $5.13 billion. The top line slumped 7.6% to $6.3 billion overall.

The producer of electric cars and systems for power from renewable sources said it has pursued cost discipline and preparing for the "next phase of growth."

"Despite reductions in the average selling price (ASP) of Model 3 as global mix stabilizes, our gross margins have strengthened. Additionally, operating expenses are at the lowest level since Model 3 production started," the statement adds.

Breaking the News / IT