Tesla (TSLA) released its financial results and letter to shareholders for the third quarter of 2020 after market close today
We are updating this article with full details of the financial results, letter to shareholders and conference call later tonight Refresh for the latest information
As we reported in our third quarter earnings snapshot yesterday, the market had high expectations for Tesla this quarter after the company confirmed record deliveries earlier this month
Wall Street expected revenue of around $ 8 billion for the quarter and a gain of $ 0.55 per share
Tesla managed to destroy expectations with $ 8.7 billion in revenue and a gain of $ 76 per share (non-GAAP)
The market appreciated the beating of Tesla’s expectations with a 4% increase in after-hours trading thanks to $ 800 million in profit this quarter
“The third quarter of 2020 was a multi-level record quarter Over the past four quarters, we have generated over $ 1.9 billion in free cash flow by spending $ 2.4B on new production capacity, service centers, supercharging sites and other capital investments While we took additional SBC charges in Q3, our GAAP operating margin reached 92% «
The automaker ended the quarter with a new record of $ 14.5 billion in cash in the bank
With these third quarter results, Tesla has now achieved an operating margin of 63% in the past year:
“Over the past 12 months we have achieved an operating margin of 63% We expect our operating margin to continue to grow over time, eventually reaching peak levels with capacity expansion plans and current location «
Here we will be posting our follow-up articles on revenue and conference calling to expand on the most important points (refresh the page to see the most recent articles):
Tesla is a transportation and energy company It sells vehicles as part of its « Tesla Motors » division and stationary batteries for household, commercial and utility projects under its « Tesla Energy » division
TSLA
Global News – US – Tesla (TSLA) Reports Third Quarter 2020 Results: Destroys Both Revenue and Profit Forecast – Electrek
