Tesla reported third-quarter results ahead of analysts' expectations on Wednesday, even though revenue from its car business fell, CNBC reports.
Adjusted earnings were 48 cents a share against forecasts of 43 cents, and revenue was $28.05 billion. Automotive revenue fell 3 per cent from a year earlier to $20.56 billion, and energy revenue dropped 16 per cent. Net income fell 29 per cent to $787 million as capital spending more than doubled to $3.73 billion, driven by investment in robotics and artificial intelligence.
The company said take-up of its supervised Full Self-Driving subscription had grown and that sales reached records in Canada, Japan, Taiwan and Australia. The results came a day after Elon Musk said boards at Tesla and SpaceX had formed committees to examine a possible merger, which he said would need strong shareholder support.
Source: CNBC
