Tesla Q3 2023 Earnings Report: Profit And Revenue Below Expectations

Tesla just released its Q3 2023 earnings report, and despite thinning profit margins thanks to price cuts and increases in operating expenses, revenue is still up nearly 9% year-over-year. The electric automaker again turned a profit, which makes that 16 quarters in a row in which Tesla has reported a profit. However, Tesla fell short of expectations in regard to both profit per share and revenue. The main financial details from the Q3 2023 report are as follows: $ 23.350 billion in revenue $ 0.

Those cuts have happened basically across the board, but have especially dropped prices on the Model 3 and Model Y as Tesla seeks a greater degree of sales volume. It's had a positive year on that front; a little less so in Q3. Deliveries dropped to 435,059 in Q3, down from 466,140 in Q2 – but still way up from 343,830 in Q3 2022. And at least some of that decline this quarter was due to factory downtime, which was expected.

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