As soon as the US market opened on Friday, Tesla’s stock continued to rise and it increased by 4.43 percent. Tesla shares listed on the Nasdaq index rose after the company reported a 17 percent rise in third-quarter profit.
Tesla shares opened at $257.69 when trading began at 09:30 a.m. EDT. At 09:58 a.m. EDT, they were up 4.43 percent at $269.11.
Tesla shares were trading 2.72 percent higher at $267.62 at 12:35 p.m. EDT on Friday, compared with $260.48 at the previous market close. The Nasdaq Composite rose 1.29 percent to 18,653 points in Friday’s session, compared to 18,415.49 points at the previous market close.
tesla results
peppermint Tesla shares surged 19 percent after the Elon Musk-led electric vehicle maker announced third-quarter results Thursday, it was reported. According to Reuters, the company will add about $115 billion to its market capitalization.
The company reported net income of $2.2 billion, up 17 percent from the same period last year. Tesla also announced that company revenue increased 8 percent to $25.2 billion.
Tesla’s profit is attributed to lower costs per vehicle due to declines in material costs and freight expenses. Despite ongoing macroeconomic conditions, the company expects a “modest increase” in 2024 deliveries, AFP reports.
Tesla also projected a 30 percent increase in car sales next year.
According to media reports, Elon Musk said, “Something like 20 percent to 30 percent growth next year is my best guess.”
Tesla’s third-quarter results were similar to the previous quarter, with the company’s net income falling year-over-year to $1.48 billion from $2.70 billion in the second quarter. The value of the share has increased due to the results of this quarter.
Tesla shares fell 8 percent after last quarter’s results, as the company missed estimates.
