Tesla shares tumble after revenue falls short of forecasts
Tesla missed Wall Street estimates for third-quarter revenue on Wednesday as logistics hurdles led to fewer-than-expected vehicle deliveries by the world’s most valuable automaker.
Difficulties in securing vehicle transportation and rising logistics costs faced by the company during peak periods overshadowed its record deliveries, while some analysts were also concerned about demand for high-ticket items such as electric vehicles due to the weakening global economy.
Tesla’s revenue for the third quarter was $21.45 billion, compared with analysts’ estimates of $21.96 billion, according to IBES data from Refinitiv.
Shares closed up 0.8% at $222.04, but plummeted 4.5% in after-hours trading.