Tesla’s stock surged by 12% following the release of its third-quarter results on Wednesday. The electric car company rebounded from a challenging second quarter by surpassing Wall Street’s earnings expectations, with earnings per share of $0.72 compared to the anticipated $0.60.
After a significant drop in profits during the second quarter, Tesla CEO Elon Musk reassured investors that this was a temporary setback due to heightened competition from rival electric vehicle manufacturers offering discounted prices. Musk remains optimistic about Tesla’s future despite the current challenges.
While Tesla’s revenue of $25.18 billion in the third quarter fell slightly short of Wall Street’s estimate of $25.43 billion, the company remains focused on expanding its product lineup, reducing costs, and investing in AI projects and production capacity.
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