Headline: Tesla Surpasses Expectations: Reports a 17.3% Increase in Revenue

Tesla reported third-quarter earnings that surpassed analysts' predictions, although its revenue slightly missed expectations. Tesla shares surged 12% in after-hours trading, reaching $239.45. The company's net income for the third quarter increased by 17.3% from a year earlier, driven by stronger electric vehicle sales, and CEO Elon Musk forecasted a sales growth of 20% to 30% for the coming year. This robust performance marked a turnaround for Tesla, which had seen declining sales and profits in the first two quarters of the year.

In a letter to investors, Tesla projected that vehicle deliveries for this year would surpass the 1.8 million delivered worldwide in 2023. The company reported earnings of $2.17 billion from July to September, exceeding the $1.85 billion reported for the same period in 2022. Revenue for the third quarter rose by 7.8% to $25.18 billion, falling short of the $25.47 billion projected by Wall Street analysts. Net profit rose to about $2.17 billion, or 62 cents per share, from $1.85 billion, or 53 cents per share, in the same period last year.

Tesla's adjusted earnings per share also climbed to 72 cents, comfortably beating the 59 cents anticipated by analysts. Automotive revenue increased by 2% to $20 billion, up from $19.63 billion in the same period last year, and remained roughly stable since the end of 2022. Energy generation and storage revenue rose by 52% to $2.38 billion, while services and other revenue, which includes income from out-of-warranty repairs of Tesla vehicles, increased by 29% to $2.79 billion.