Tesla Inc (NASDAQ:TSLA) shares fell 7.7% after Thursday's opening bell, changing hands at $223, after the Elon Musk-led carmaker posted third quarter results that missed expectations.
The electric vehicle company posted earnings of $0.66 per share on revenue of $23.35 billion, compared to expectations of $0.74 per share on revenue of $24.16 billion. Tesla reported adjusted earnings of $1.05 per share on revenue of $21.45 billion in the year-ago quarter.
Automotive revenue was $19.63 billion, while energy generation and storage revenue came in at $1.56 billion.
Ahead of the results, Tesla shares fell nearly 5% during the Wednesday trading session. The stock initially jumped more than 2% after the bell before giving those gains back and then some.
Traders and analysts will also be monitoring the company’s earnings call for updates on when Tesla expects to begin deliveries of its Cybertruck, as well as when it intends to update its Model 3.
Earlier this month, Tesla told investors it produced 430,488 vehicles in the third quarter, delivering 435,059 units — that marked deliveries around 30% stronger than this time last year but came up short of the 461,000 expected by the market.