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Shares in US alternative energy firm Tesla are trading around 4% lower pre-market on Monday, extending losses seen late last week. This is despite the firm reporting another quarter of positive results. The backdrop of increased fears regarding the potential second wave of the pandemic is exerting broader downside pressure on risk appetite. The decline in Tesla’s share price reflects this.
Solid Q3 Earnings Beat
Tesla reported Q3 earnings per share of $0.54, beating estimates of a $0.52 EPS. Notably, the company posted a new record in the total number of vehicles delivered at 139,300. The delivery number beat Wall Street estimates of 120,000 marking a huge quarter on quarter rise from the 90,000 deliveries made in Q2. It also eclipsed the prior record of 112,000 deliveries in Q4 2019.
Tesla noted that production rose to 145,000 from the prior quarter’s 82,000 given that the closure of the group’s Fremont factory was still impacting production last quarter.
However, the firm has n...
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