Haters of Elon Musk and Tesla such as Alyssa Milano, who sold her Tesla to get a Volkswagen, may disappointed. Despite an economic slowdown blamed on Joe Biden’s policies by many, Tesla just reported great earnings.
The only obvious weak point is that margins came in about a half percentage shy of expectations but still stellar nonetheless at 25.9%. CNBC reports record revenue as well.
“BREAKING: @Tesla has released their Q4 earnings, beating analyst expectations: • EPS (non-GAAP): $1.19 vs. $1.10 est. • EPS (GAAP): $1.07 vs. $0.98 est. • Revenue: $24.318B vs. $23.6B est. • Automotive Gross Margin: 25.9% (vs 26.4% est.) • $3.687 GAAP net income”
Tesla stock is largely stable in after hours trade so far, but that could change in either direction still. Musk previously accused Microsoft founder Bill Gates of short selling Tesla stock. Tesla has dropped substantially as Musk had to sell more than he anticipated to buy Twitter.
Adding short sellers on to that in addition to a recent tech and growth stock sell off due to interest rates and the stock has suffered. It will be a while for it to come back to an all time high, however many investors may hope this is a turning point. We are not financial advisors and this is not financial advice.
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