The Austin, Texas, maker of electric vehicles, solar panels and batteries this week reported net income of $1.85 billion for the July-September quarter, a 44% decline from a year earlier. Earnings per share fell to 53 cents from 95 cents.
Excluding stock-based compensation, Tesla’s adjusted net income fell to $2.32 billion, or 66 cents per share. On that basis, Tesla’s earnings fell short of analysts’ consensus estimate of 73 cents per share, according to FactSet.
Total revenue rose 9% to $23.35 billion. Analysts had forecast $24.19 billion.
Earlier this month, the company reported that it sold 435,059 vehicles during the July-September period, an increase of 27% from the same stretch last year. Even so, Tesla’s deliveries came in below the 461,000 vehicles analysts had predicted the company would sell during the quarter, according to FactSet Research.
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