Tesla profit falls 43% but beats market expectations
Tesla’s third-quarter profit fell 43% to $787 million, but revenue held at $28 billion and the company beat market expectations, with free cash flow positive despite heavy investment in AI and robots.
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Tesla’s third-quarter net profit fell 43% from a year earlier to $787 million, but the electric-car maker still beat market expectations, according to figures reported by ANP.
Revenue was unchanged at $28 billion, despite Tesla selling slightly fewer cars. Free cash flow was positive at $1.5 billion, while analysts had expected the company’s spending on artificial intelligence and humanoid robots to leave it with substantially more cash going out than coming in.
The results follow Elon Musk’s announcement that he would like Tesla to merge with SpaceX, his space and AI company. Musk has said special committees at both companies are considering a merger, while cautioning that no deal is assured and that shareholder support would be needed.
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