Tesla CEO Elon Musk is attempting to purchase Twitter and handle a number of firms on the identical time.
James Glover II | Reuters
Tesla reported earnings of $1.05 per share, beating expectations of 99 cents a share. Income got here in gentle at $21.45 billion, which missed analysts’ expectations of $21.96 billion.
The corporate stated on its earnings name that, whereas it expects 50% annual development in manufacturing this yr, its deliveries might fall just below 50% development “because of a rise within the automobiles in transit on the finish of the yr.”
Nonetheless, Musk was bullish on the earnings name, noting that the corporate is “pedal to the metal” even with a possible recession looming.
“I can not emphasize sufficient we have now wonderful demand for This autumn and we anticipate to promote each automotive that we make for as far into the longer term as we are able to see,” Musk stated. “The factories are working at full pace and we’re delivering each automotive we make, and retaining working margins sturdy.”
Musk’s feedback “did not sit properly” with Bernstein senior analysis analyst Toni Sacconaghi.
“Other than the financials, the earnings name did not sit properly with us,” Sacconaghi said in a note on Thursday. “Solutions to many questions on the earnings name have been curt and nearly dismissive, with CEO Musk as a substitute repeatedly making very daring prognostications about Tesla’s future and capabilities.”
Sacconaghi, who has a underperform score on Tesla, set his 12-month worth goal at $150, which might translate into a virtually 30% fall from Wednesday’s shut of $222.04.
CNBC’s Michael Bloom contributed report.