Tesla on Wednesday posted record net income in the fourth quarter of last year, as it predicted that additional software-related profits will keep its margins higher than any other automaker.
Tesla on Wednesday posted record net income in the fourth quarter of last year as it predicted that additional software-related profits will keep its margins higher than any other automaker.
The Austin, Texas, maker of electric vehicles and solar panels said it made $3.69 billion in profits from October through December, beating analysts' predictions. The company's profit was 59% more than the same period a year ago. Revenue for the quarter was $24.32 billion, which fell short of the $24.67 billion that analysts had expected.
"While every quarter is important for Tesla we would highlight this ... as one of the most important moments in the history of Tesla and for Musk himself," Wedbush Securities analyst Dan Ives said of the much-anticipated earnings call. "After experiencing unprecedented hyper growth over the past few years in the EV market which was essentially created by Musk, now Tesla faces a darker macro in 2023 with fierce competition coming from all angles," Ives said."Adding to that backdrop is Musk who has essentially gone from a superhero with a red cape to a villain in the eyes of many investors after the ongoing Twitter fiasco has cast a dark shadow over Tesla's stock," he added.
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