Tesla reported its fourth quarter and full 2018 financial earnings today and shares took a slight hit in extended-hours trading after missing on profit expectations but beating on revenue.
Tesla ( NASDAQ:TSLA) reported its fourth quarter and full 2018 financial earnings today, and shares took a slight hit, less than 2 percent in extended-hours trading after missing on profit expectations and beating on revenue.
Catch our third quarter coverage here .
Related Tesla Has 30 Days to Grow by $10 Billion
Now with two consecutively profitable quarters under its belt, we can say that the Model 3 production ramp was a success. Tesla stated that over 7,000 Model 3 units are being produced on average per week; this time last year the company was struggling to push past 1,000 units a week.
Tesla earned $1.93 per share in Q4 versus a loss of $4.01 per share in the fourth quarter of 2017. Revenue was a key metric here – revenue for the quarter shot up to $7.23 billion up from $3.29 billion from the same quarter a year ago. Wall Street was expecting $7.16 billion here so the revenue was a slight beat, while $0.78 EPS fell short of the $2.19 per share analysts were calling for.
Tesla reported earlier this month that it delivered 90,700 vehicles during the fourth quarter: 13,500 Model S sedans, 14,050 Model X SUVs and 63,150 Model 3s.
Related Tesla To End Customer Referral Program In A Bid To Cut Costs
The Silicon Valley car maker reported that it was sustaining 7,000 Model 3 sedans per week and that gross margins (company-wide) were approaching their stated goal of 25 percent.
