Tesla Q3 2024 Earnings Preview: Wall Street’s Expectations

By Alfred Glover

Posted on October 23, 2024

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Tesla (NASDAQ:TSLA) is set to release its third quarter 2024 earnings after market close today, October 23, 2024. The electric vehicle maker will publish its Q3 2024 Update Letter, followed by an earnings call where executives will field questions from investors and analysts.

The company’s stock has experienced a challenging month, dropping 16% in October following its Q3 delivery report and the recent Cybercab unveiling. While Tesla enthusiasts welcomed the dedicated robotaxi announcement, the event drew criticism from analysts who found it lacking in concrete details about both the Cybercab and its companion vehicle, the Robovan.

GLJ is not part of the WS consensus estimate since he works for himself rather than a major WS firm. See attached for firms that make up the $TSLA consensus.

Many here don’t get how WS analysts get paid. They are not going to put in a ridiculously high estimate so TSLA misses… https://t.co/PKYRa9pnFV pic.twitter.com/ZL48BNxaRe

— Gary Black (@garyblack00) October 22, 2024

Key Expectations:

Earnings & Revenue

• FactSet analyst consensus: $0.59 EPS (9% decline) and $25.47B revenue (9% increase)
• Tesla’s internal consensus: $0.60 EPS and $25.29B revenue

Automotive Performance

• Projected auto gross margins: 14.7% (FactSet consensus)
• Previous quarter (Q2 2024) margins: 14.6%
• Focus remains on Model Y sales performance in US and China markets

As investors await the announcement, Tesla shares are currently trading at $216.57, down 0.64% for the day.

Tesla Q3 2024 Earnings Preview: Wall Street’s Expectations