Tesla Inc. stock rose late Wednesday after quarterly earnings reported by the Silicon Valley car maker beats Wall Street expectations and said Model Y production began this month. Tesla reported fourth-quarter revenue of $7.38 billion. By contrast, Wall St. was expecting Tesla to report $7.047 billion in revenue.
In the fourth quarter Tesla reported earnings per share of $2.14, smashing expectations from Wall St. By comparison, Wall Street was expecting Tesla to post a $1.62 gain per share for Q4 2019.
“In 2019 revenue growth was positively impacted by a strong increase in vehicle deliveries. Revenue growth was offset by higher lease mix, Model 3 becoming a larger part of our mix, introduction of Standard Range Model 3, and adjustments to vehicle pricing” –– Tesla
“These changes have resulted in a reduction to the average selling price relative to 2018” -Tesla
Tesla stock is presently trading at 618.48 +37.49 (6.45%), after market.
Revenue rose to $7.38 billion from $7.23 billion a year earlier. Analysts had expected revenue of $7.02 billion, according to IBES data from Refinitiv.
“For 2020, vehicle deliveries should comfortably exceed 500,000 units. Production will likely outpace deliveries this this year” – Tesla