Current:Home > Contact-usTesla 4Q net income doubles due to tax benefit but earnings fall short of analyst estimates-Angel Dreamer Wealth Society D1 Reviews & Insights
Tesla 4Q net income doubles due to tax benefit but earnings fall short of analyst estimates
View Date:2024-12-23 20:47:10
DETROIT (AP) — Tesla’s net income more than doubled last quarter on a one-time tax benefit, even as electric vehicle price cuts and slowing sales growth cut into profits.
The Austin, Texas, vehicle, solar panel and battery maker said its net income was $7.93 billion from October through December, compared with $3.69 billion a year earlier.
But excluding one-time items such as the $5.9 billion noncash tax benefit for deferred tax assets, the company made $2.49 billion, or 71 cents per share. That was down 39% from a year ago and short of analyst estimates. Data provider FactSet said analysts expected earnings of 73 cents per share.
Tesla reported quarterly revenue of $25.17 billion, up 3% from a year earlier but also below analyst estimates of $25.64 billion.
Earlier this month Tesla reported that fourth-quarter sales rose by almost 20%, boosted by steep price cuts in the U.S. and worldwide through the year. Some cuts amounted to $20,000 on higher priced models.
Tesla’s sales growth rate was slower than previous quarters. For the full year, it sales rose 37.7%, short of the 50% growth rate that CEO Elon Musk predicted in most years. The company reported deliveries of 484,507 for the quarter. As usual, the bulk of Tesla’s sales were its lower-priced Models 3 and Y.
Fast growing Chinese powerhouse BYD passed Tesla in the fourth quarter as the world’s top-selling EV company.
veryGood! (9)
Related
- Japan to resume V-22 flights after inquiry finds pilot error caused accident
- Justin Timberlake Mourns Death of Music Director Daniel Jones at Age 41
- Pete Davidson Gets Community Service Time for Reckless Driving Charge
- TikToker Emily Mariko Marries Matt Rickard
- Veterans Day restaurant deals 2024: More than 80 discounts, including free meals
- Vanderpump Rules' James Kennedy Adorably Reunites With Dog He Shared With Ex Raquel Leviss
- How YouTuber Annabelle Ham Refused to Let Struggle With Epilepsy Control Her Life Before Tragic Death
- Dispute over threat of extinction posed by AI looms over surging industry
- Federal judge orders Oakland airport to stop using ‘San Francisco’ in name amid lawsuit
- This Sweat-Wicking Top Will Keep You Cool and Comfortable on the Hottest Days
Ranking
- California teen pleads guilty in Florida to making hundreds of ‘swatting’ calls across the US
- Feel Free to Salute These Secrets About Saving Private Ryan
- Jersey Shore’s Snooki Gets Candid on Her Weight Struggles in Message to Body Shamers
- Camila Cabello’s NSFW Vacation Photos Will Have You Saying My Oh My
- Up to 20 human skulls found in man's discarded bags, home in New Mexico
- James Middleton's Comments About His Relationship With Sister Kate Middleton Are Royally Relatable
- Why Barbie Makeup Artist Ivana Primorac Didn't Want Margot Robbie to Look Plastic
- Why Julian Sands' Cause of Death Has Been Ruled Undetermined
Recommendation
-
Pennsylvania House Republicans pick new floor leader after failing to regain majority
-
Hailey Bieber Will Influence You to Try TikTok's Viral Latte Makeup Trend
-
Lindsay Lohan’s Brother Dakota Gushes Over Her “Perfect” Baby Boy
-
Inside Gisele Bündchen's Birthday Girls' Trip With Daughter Vivian and Twin Sister Patricia
-
Louisiana House greenlights Gov. Jeff Landry’s tax cuts
-
Golden Bachelor’s Gerry Turner Shares What His Late Wife Would Think of the Show
-
Tour de Lust Influencer Christine Tran Ferguson Shares Her 15-Month-Old Son Asher Has Died
-
Why Taylor Lautner Says Hanging With Wife Tay and Ex Taylor Swift Was the Perfect Situation