Tesla CEO Elon Musk is making an attempt to purchase Twitter and handle a number of firms on the identical time.
James Glover II | Reuters
Shares of Tesla slid about 6% Thursday morning as buyers digested the corporate’s third-quarter earnings report from Wednesday night.
Tesla reported earnings of $1.05 per share, beating expectations of 99 cents a share. Revenue got here in mild at $21.45 billion, which missed analysts’ expectations of $21.96 billion.
The firm stated on its earnings name that, whereas it expects 50% annual development in manufacturing this yr, its deliveries could fall just below 50% development “due to an increase in the cars in transit at the end of the year.”
Still, Musk was bullish on the earnings name, noting that the corporate is “pedal to the metal” even with a possible recession looming.
“I can’t emphasize enough we have excellent demand for Q4 and we expect to sell every car that we make for as far into the future as we can see,” Musk stated. “The factories are running at full speed and we’re delivering every car we make, and keeping operating margins strong.”
Musk’s feedback “didn’t sit well” with Bernstein senior analysis analyst Toni Sacconaghi.
“Aside from the financials, the earnings call didn’t sit well with us,” Sacconaghi stated in a notice on Thursday. “Answers to many questions on the earnings call were curt and almost dismissive, with CEO Musk instead repeatedly making very bold prognostications about Tesla’s future and capabilities.”
Sacconaghi, who has a underperform score on Tesla, set his 12-month worth goal at $150, which might translate into an almost 30% fall from Wednesday’s shut of $222.04.
CNBC’s Michael Bloom contributed report.
Source: www.cnbc.com”