TSLA: Tesla Stock Drops 10% After Grim Cybertruck Outlook Knocks Profit Expectations

The electric-car maker, Elon Musk said, may run into “enormous challenges” over scaling up Cybertruck production.

• Tesla stock TSLA tumbled 9.3% Thursday, a day after the company reported disappointing third-quarter updates. Further, Tesla boss Elon Musk struck a cautious tone over the newest Cybertruck model, saying “it will take, I don't know, a year to 18 months before it is a significant positive cash flow contributor.”
• For the most recent quarter, Tesla picked up $23.4bn from sales, or earnings of 66 cents a share. The headline numbers came in below the Wall Street consensus view of 70 cents a share and $23.9bn in revenue. Net income slid 44% year-over-year. Following each of the past three quarterly updates, Tesla shares have erased more than 9% of their valuation.
• Tightening profit margins – a pain for investors amid ongoing price wars – came in at 7.6%, down nearly 10 percentage points from the year-ago time span. The volatile Tesla stock is up about 100% on the year, but has fallen about 25% from its 2023 share-price peak of $293 a pop.