Tesla shares reached their highest level in more than three months Monday with a 5.5% gain, following quarterly results that showed a steep decline in operating income.
The company’s third-quarter results showed revenue of $28.046 billion, roughly unchanged from a year earlier. Operating income dropped 56% to $718 million.
Separately, independent committees at Tesla and SpaceX are examining a possible merger. Tesla and SpaceX CEO Elon Musk has said they have yet to agree on terms and may not reach a deal.
Any merger would need shareholder approval, Musk said. The voting threshold he described would require support from holders of 50% of all Tesla shares, rather than a majority of votes cast. Tesla’s Oct. 19 proxy contains no merger proposal for its Dec. 3 shareholder meeting.
