FYI: Tesla gears up to unveil its Q3 2024 earnings, amidst market anticipation and recent stock volatility.
Tesla, trading on NASDAQ under the ticker TSLA, is set to disclose its third-quarter earnings for 2024 as the market closes today, October 23, 2024. Following the earnings release, Tesla’s executive team will host an investor call to field questions from both institutional and retail investors as well as industry analysts, sparking considerable interest given recent developments.
Recent Stock Performance and Product Launches
Tesla’s shares have seen a 16% drop in October so far. This slump aligns with the release of its third-quarter delivery and production figures, alongside the debut of its autonomous Cybercab. Although Tesla’s fanbase greeted the Cybercab with enthusiasm, skeptics questioned the presentation’s lack of detail regarding the new robotaxi and its larger counterpart, the Robovan.
Wall Street’s Anticipations
Investors and analysts have set clear expectations for the upcoming earnings report, informed by a survey from FactSet. Predictions include:
- Earnings per Share (EPS): Analysts forecast a 9% drop, estimating earnings at $0.59 per share.
- Revenue Projections: Despite anticipated setbacks in profit, revenue is expected to climb 9%, reaching approximately $25.47 billion.
Tesla’s internal consensus mirrors these analyses, predicting an EPS of $0.60 and revenue slightly lower at $25.29 billion.
Auto Gross Margins
Tesla has maintained a robust push for Model Y sales in major markets, notably in the U.S. and China. Consequently, FactSet suggests that Tesla’s auto gross margins for this quarter will stand at 14.7%, marking a small rise from the 14.6% recorded in Q2 2024. This subtle yet meaningful increase reflects Tesla’s strategic adjustments in its automotive operations.
Market Reactions and Investor Sentiment
Investors are navigating the pre-release period with caution as Tesla’s share price hovers at $216.57, marking a 0.64% decrease by midday trading. This prudent market behavior underscores a mix of anticipation and apprehension as stakeholders await the definitive earnings announcement from one of the world’s leading automotive innovators.
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William Kouch, Editor of Automotive.fyi
