Tesla beats revenue forecasts and posts positive cash flow
Tesla reported third-quarter revenue of $28.05 billion, above analysts' average estimate of $27.88 billion and close to $28.10 billion a year earlier. It generated $1.53 billion in free cash flow, when analysts had expected a cash burn of $4.92 billion. Net income fell to $787 million from $1.4 billion a year earlier. Shares rose in extended trading.
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Why it matters
Tesla's third-quarter revenue of $28.05 billion beat analysts' estimates, and it generated $1.53 billion in free cash flow instead of the expected cash burn. Net income fell to $787 million from $1.4 billion a year earlier. Tesla shareholders saw the stock rise in extended trading after the report.
Sources
- AOL (Reuters): Tesla revenue beats estimates as deliveries rebound
- Forbes: Tesla posts $28 billion revenue in third quarter
- TheStreet: Stock market today, Oct. 21
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