Tesla beats Q3 earnings estimates as AI spending weighs on profits

Tesla posted non-GAAP earnings of $0.48 a share on flat revenue of $28.05 billion, while heavier AI and robotics spending cut operating income to $718 million. Tesla Inc. beat third-quarter profit estimates on Wednesday as margins recovered from a weak second quarter, though rising spending on artificial intelligence and robotics more than halved its operating income. The company reported non-GAAP earnings of $0.48 a share, above the roughly $0.45 analysts expected but down from $0.50 a year earlier. Revenue was $28.05 billion, flat year over year and in line with consensus. In the second quarter, Tesla had missed estimates with earnings of $0.33 a share. Total gross margin rose to 19.6% from 18.0% a year earlier and 16.8% in the second quarter. Automotive gross margin excluding regulatory credits was 18.1%.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Briefing.