ByTy Roush,
Forbes Staff.
Tesla shares slid 5% as trading opened Thursday after Elon Musk’s automaker reported sinking profits through its third quarter, despite setting a sales record as a federal tax credit for electric vehicles expired.
Shares of Tesla fell 5% to around $416 shortly after market open Thursday, adding to a slight dip (0.8%) on Wednesday in the lead-up to Tesla’s quarterly earnings announcement.
On Wednesday, Tesla reported $28.09 billion in third-quarter revenues, well above Wall Street’s estimates of $26.5 billion and a 24.8% increase from the previous quarter, yet earnings fell short of analysts’ projections after Tesla recorded earnings per share of $0.50, below estimates of $0.56.
