Tesla (TSLA) reports 17.9% Q3 2023 gross margin with gross profit down 22% from Q3 2022
Tesla's latest earnings report shows a decrease in gross profits in year-over-year comparisons.
Tesla (TSLA) has released its Q3 2023 earnings report, chronicling its performance over the past few months. The report revealed that the electric vehicle company came in under expectations for both its earnings-per-share and revenue. Diving further into the results, we see that Tesla reported a 17.9% gross margin and marked a 22 percent drop compared to the same quarter last year.
Tesla’s Q3 2023 earnings report was shared at the close of markets today. In the financial summary section, Tesla shares that its total GAAP gross margin for Q3 was 17.9%. Looking back at this time last year, Tesla’s gross profit is down 22% compared to Q3 2022.
Source: Tesla
Tesla (TSLA) stock didn’t fare too well in after-hours trading following the release of the report. While the stock ended the day at $242.68 per-share, the price dropped as low as $238.97, before climbing back up and suffering another dip during the subsequent earnings call.
This news comes alongside the fact that Tesla reported a miss on earnings and revenue during the quarter. In other financial news, entertainment giant Netflix (NFLX) also posted its Q3 2023 earnings report after markets closed today. For more finance news in the world of technology and entertainment, stick with Shacknews.
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replyDonovan Erskine posted a new article, Tesla (TSLA) reports 17.9% Q3 2023 gross margin with gross profit down 22% from Q3 2022
