Tesla Poised for Record Quarterly Earnings Amid Wall Street Unease [View all]
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Source: Wall Street Journal
Tesla Inc. is poised to report record quarterly profit for the final three months of 2022 as Wall Street hungers for clarity on the company’s growth plans in light of apparent demand weakness.
Elon Musk‘s electric-car maker is forecast to report nearly $3.8 billion in fourth-quarter profit, up around 62% from a year earlier, according to analysts surveyed by FactSet, even as vehicle-delivery growth slowed.
Tesla, due to release results after market close on Wednesday, is expected to have generated some $24.7 billion in sales for the period, up nearly 40% from the year prior, FactSet data show.
Wall Street’s faith in the EV maker has been shaken, however, as the company faces challenges including higher interest rates, stiffer competition and diminished brand popularity. In 2022, Tesla came up short of its annual growth target, lost about $675 billion in market valuation and saw its share price fall 65%, its largest annual decline to date. The stock has since recovered somewhat.
Read more: https://www.wsj.com/articles/tesla-tsla-q4-earnings-report-2022-11674617368
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