Tesla Stock Jumps 14% in Premarket Trading as Q3 Earnings Beat

Investors cheered beats on adjusted earnings per share and higher gross margins in addition to news that Tesla's cheaper EV is on track for production next year. CEO Elon Musk also said on an earnings call that Tesla's volume growth could be 20-30% next year.

For the quarter, Tesla reported revenue of $25.18 billion vs. $25.4 billion per Bloomberg consensus, higher than the $25.05 billion it reported in Q2 and also topping the $23.40 billion Tesla reported a year ago. Tesla posted adjusted EPS of $0.72 vs. $0.60 expected, on adjusted net income of $2.5 billion and free cash flow of $2.9 billion.

"We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes," the company said in its earnings deck. "Preparations remain underway for our offering of new vehicles — including more affordable models — which we will begin launching in the first half of 2025."

Source：Yahoo Finance, Bloomberg