'Overall, the company's performance is okay, but it's normal to miss expectations.'
The electric car (EV) company led by billionaire Elon Musk, Tesla Inc recorded an unimpressive corporate earnings report.
Examining the results of the report, the company's 3rd quarter (Q3) growth margin failed to reach analysts' projections by only recording 27.9%, down from a year ago's record of 30.5%.
The company's revenue also failed to beat analysts' estimates of $21.96 billion to register just $21.45 billion.
The company was also seen underlining the negative foreign exchange impact of $250 million on its earnings with the dollar strengthening against other amounts.
In addition, the official statement from Musk also said that the company expects vehicle delivery delays for this year as there are ongoing logistical problems.
That streak, he put the 4th quarter forecast for the company's growth below 50% even though production growth is expected to increase by 50%.
On the positive side, Musk stated that there was an increase in demand for Q4 which further dismissed concerns about the weakness of consumer purchasing power in the face of global economic conditions and rising prices.
The company also saw an increase in vehicle deliveries of 343,000 vehicles in Q3, a 40% jump from the same period last year.
In the meantime, investors are understood to continue to examine the company's development with the issue of Twitter's purchase by Musk still pending and the company's stock falling 50% from the highest level in November last year.
As of this writing, Tesla shares are trading up 0.84% at $222.04 with a market capitalization of $695.76 billion.
