Despite logistics and supply problems, Tesla achieved a profit figure above analysts’ expectations in the third quarter. With the latest data, the company announced a profit for nine consecutive quarters.
Tesla Inc. has surpassed profit expectations by surmounting the semiconductor shortage and supply chain challenges that are hurdles for competing automakers. Adjusted earnings per share for the third quarter was $1.86, according to a statement Wednesday from the Palo Alto, California-based company. Earnings per share were expected to be $1.67, according to the average of analysts’ expectations.
These results indicate that the 18-year-old electric car maker has reported profits for the ninth consecutive quarter, despite obstacles such as port congestion and even power cuts in China that have made it difficult for factories to operate at full capacity.
The company’s third-quarter revenue, on the other hand, was below Wall Street estimates. Elon Musk’s electric vehicle and clean energy company’s revenue rose 57 percent to $13.8 billion but fell short of estimates of $13.9 billion.
Musk Didn’t Attend Analyst Meeting for the First Time
In its statement, Tesla noted that supply chain challenges, from semiconductor shortages to port congestion, are negatively impacting their ability to increase production and meet growing electric vehicle demand.
Company CEO Musk, keeping his promise in July, did not attend the quarterly financial results meeting with analysts for the first time in more than 10 years since Tesla went public in 2010.