Tesla beats Wall Street's earnings expectations, but Elon Musk has a $787 million profit problem

Tesla gave Wall Street better earnings than expected on Wednesday, but the numbers came with a pretty big catch: profits are shrinking. Elon Musk’s company made just $787 million for common shareholders in the third quarter, down 29% from $1.11 billion a year earlier. Even with the earnings beat, investors sent the stock down more than 3% after hours. Selling cars is getting tougher, and the company’s ambitious AI plans aren’t getting any cheaper. Tesla car prices fall while Elon pours billions into AI The quarterly results looked healthier at first glance: Adjusted earnings: 48 cents per share, against the 43 cents Wall Street expected. Total revenue: $28.05 billion, ahead of the $27.9 billion estimate. Revenue for automotive went down by 3%, to $20.56 billion.

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