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Last night, we reported that Tesla had a blowout earnings report, beating wildly on both the top and bottom lines.
In the after-hours trading yesterday, Tesla stock reversed almost all of its losses during the normal trading session. This morning, the upswing went further, with Tesla stock trading as high as $1090.00 at one point today.
There were concerns about Netflix dragging down the markets, new China Covid lockdowns keeping Tesla’s new Shanghai Gigafactory down for the count, and overall bearishness in the broader stock markets. It appears that Tesla may “save the day” once again, however. The company says that the Shanghai Gigafactory is slowly getting back online already, despite losing some time for manufacturing.
Elon Musk says he plans to have a robotaxi in 2024 with no pedals or steering wheel. This is being predicted to be a game-changer. Some may scoff at the idea now, but no one thought Tesla would be as successful as they are in 2022 just a few years ago either, so anything could happen with that.
Quarterly revenue for the report came in at $18.8 billion, beating analysts’ estimates of $17.9 billion. Adjusted EPS was $3.22 billion compared to an estimated $2.27 billion.
This helps put Musk in a good position as he continues to jocker for a possible Twitter takeover and juggles multiple other companies and projects. All financial analysis by Media Right News is given as opinion and not investment advice.