Tesla shares up 8% as record revenues boost earnings
Tesla reported earnings of $1.19 per share after the US market close yesterday - four cents higher than analyst expectations. While revenue was at a record high it came in just short of the bullish expectations at $24.32 billion.
(Video Transcript)
Tesla shares up on earnings
Tesla shares rose 8% yesterday in extended trade on the IG platform, up a further notch higher by a margin of 5% on from what we saw during full trading yesterday. And this is as a result of earnings out late last night.
Let's take a look at the figures. The electric carmaker reported earnings of $1.19 per share after the US markets closed. That's $0.04 higher than analysts expected. Revenue was just short of expectations at $24.32 billion. These are record numbers, according to the company.
In a call to investors, CEO Elon Musk said he expected a pretty difficult recession this year for the US economy. But demand for Tesla vehicles, he says, will be good, despite a probable contraction in the automotive market as a whole, adding that absent external disruptions, 2023 deliveries could hit two million vehicles.
Share price chart
Overall, let's take a look at the share price chart.
This stock is now up 51% from the lows that we had back in January and I'm talking January this year. So it's just shy of three weeks. That is a whopping increase. But you've got to bear in mind, the stock has fallen substantially from the record highs we saw back on the 4th of November 2021. We've lost 75.6% of overall value in Tesla.
So this uptick here when you're looking at this sort of improvement from those lows, it is an incredible move in terms of percentages, but it's risen from $103 up to $152.
So that's what we're opening this morning at 9:00 UK time, extended trade after that big gain yesterday on those numbers coming through from Tesla.
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