Shares registered Tesla A strong jump of 22 percent in Wall Streetturning into positive territory this year, with an increase of about 5 percent, recording its largest gain since 2013.
Strong quarterly results
On Wednesday, after Wall Street closed, Tesla revealed its largest quarterly profit since the summer of 2023. Billionaire Elon Musk also expected growth of up to 30 percent in vehicle sales next year, and revealed that the “Cybertruck” car achieved a quarterly profit. For the first time.
I registered Tesla Quarterly revenues amounted to $25.2 billion, an increase of 8 percent year over year, but came in slightly below analysts’ expectations of $25.37 billion. Tesla reported earnings per share of 72 cents, beating analysts’ average estimate of 58 cents.
The company’s business results showed that its net profits increased by 17.3 percent year-on-year during the third quarter of this year, reaching $2.2 billion.
This growth in the company’s business came after four consecutive quarters of disappointing profits for the world’s largest electric car manufacturer, which suffered amid slowing demand from consumers.
This strong growth in Tesla’s profits has strengthened Musk’s position at the top of the Bloomberg Billionaires Index, widening the gap between him and his closest competitors. Since the beginning of this year, his wealth has increased Elon Musk By $41.2 billion, reaching $270 billion, making him top the list of the richest people in the world according to the Bloomberg Billionaires Index, by a large margin over his closest competitors. Jeff Bezos His wealth is estimated at about $209 billion.
“We expect this surprising earnings surplus to prompt a strong positive reaction in Tesla shares Thursday, given the degree to which investors have adjusted to the company missing earnings,” analysts at JPMorgan wrote in a note.
But my analyst Deutsche Bank They questioned Musk’s forecast and wrote in a note after the earnings report, “Our view is more conservative at 10-15 percent, assuming Tesla can roll out a cheaper, lower-priced version of the Model Y,” according to CNBC.
While analysts see Morgan Stanleywho also recommended buying the stock, said Musk’s forecast for growth in vehicle deliveries in 2025 was “possible,” but set their estimate at 14 percent. Morgan Stanley analysts said this “clearly depends on the company’s ability to improve pricing by offering a cheaper (next-generation) model and enhanced financing and feature offerings.”
It is noteworthy that the company’s market value jumped by about $150 billion to reach $831 billion by the close of Thursday’s session in Wall Street.
