Tesla Beats Q3 Adjusted EPS Estimates as Revenue Misses Forecast

Tesla posted a third-quarter adjusted earnings beat after the U.S. market closed Oct. 21, but revenue fell short of its analyst benchmark and automotive revenue declined year over year.

The automaker recorded diluted non-GAAP earnings of 48 cents a share for the quarter ended Sept. 30, versus a 45-cent average from 23 analyst estimates. Revenue totaled $28.046 billion, flat from a year earlier and below the $28.341 billion average estimate.

Automotive revenue slid 3% to $20.560 billion. Net income attributable to common stockholders fell 43% to $787 million. Operating expenses rose 39% to $4.776 billion, while capital expenditures more than doubled to $4.732 billion.

One growth measure moved in the opposite direction: Tesla had 1.74 million active Full Self-Driving subscriptions at quarter-end, up 67% year over year. The count includes upfront purchases and monthly subscriptions but excludes free trials. Full Self-Driving (Supervised) still requires driver supervision and does not make the vehicle autonomous.

Tesla delivered 486,532 vehicles in the quarter, down 2% year over year, and identified battery availability as a limit on production growth.