Markets Stay Strong Despite Oil Shock Concerns as Earnings Drive Investor Confidence 
Asian Stocks Slip as Oil Prices Surge and Fed Signals Inflation Risks 
Stock Market Update: Fed Holds Rates Steady as Tech Earnings and Geopolitical Tensions Shape Outlook 
Panama Defends Port Takeover Amid U.S.-China Tensions and Canal Dispute 
Oil Prices Rise Amid Iran Conflict and Strait of Hormuz Disruption 
US Stock Futures Mixed as Fed Holds Rates, Oil Prices Surge, and Big Tech Earnings Drive Market Moves 
Yen Weakens After Intervention Spike as Dollar Stabilizes Amid Global Tensions 
Gold Prices Slip Amid Iran Tensions and Rising Rate Concerns 
US Dollar Weakens as Yen Surges Amid Japan Intervention and Central Bank Moves 
US-Iran Conflict Escalates Amid Oil Blockade and Rising Global Tensions 
Tokyo Inflation Slows Despite Energy Pressures and BOJ Policy Outlook 
Dollar Holds Near Two-Week High as Fed Hawkish Shift Lifts Yields, Yen Near Intervention Zone 
EU Warns of Response as U.S. Considers 25% Tariffs on Car Imports 
Oil Prices Surge Amid U.S.-Iran Tensions and Supply Disruption Fears 
Dollar Gains Slightly as Yen Volatility Continues After Japan Intervention 
Tesla Beats Q3 Estimates, Forecasts 2024 Delivery Growth
Tesla delivered third-quarter results that exceeded Wall Street expectations, reflecting improved margins and stronger automotive sales. Despite challenges in the electric vehicle (EV) market, Tesla predicts "slight" growth in vehicle deliveries for 2024.
Q3 Earnings Surpass Expectations
For Q3, Tesla reported adjusted earnings per share (EPS) of $0.72 on revenue of $25.18 billion, beating analysts' forecast of $0.60 EPS, though revenue slightly missed the $25.4 billion estimate. Tesla shares rose by over 8% in after-hours trading.
The company’s automotive sales reached $20.02 billion, up from $19.63 billion in the same period last year. Additionally, gross margins, excluding regulatory credits, improved to 17.05%, up from 14.7% in the previous quarter.
Energy Business Hits New Record
Tesla's energy division posted a record gross margin of 30.5% in Q3, driven by increased Powerwall deployments, despite lower Megapack volumes. The company expects energy storage deployments to double year-over-year in 2024.
Services and Future Outlook
Tesla’s services and other business sectors saw a gross profit surge of over 90% year-on-year in Q3. Moving forward, the EV maker is preparing to introduce new, more affordable vehicles by the first half of 2025.
Although Tesla's stock has declined 14% this year amid concerns over demand and competition in China, the company remains optimistic about future growth.
