 Tesla reported a drop in third quarter earnings as the electric vehicle maker fell short of Wall Street expectations. 

 Tesla earned $2.3 billion in the quarter, or 66 cents a share, down 37% from a year earlier and the smallest profits it reported in two years. Analysts surveyed by Refinitiv had forecast a slowdown in earnings but still expected it to report earnings per share of 73 cents a share. 

 The company also missed on third quarter revenue of $23.4 billion, up 9% from a year earlier but short of the $24.1 billion forecast by analysts. Tesla has been cutting the prices of its vehicles to boost sales demand in the face of growing electric vehicle competition from established automakers. 

This is a developing story. It will be updated.

Tesla reported a drop in third quarter earnings as the electric vehicle maker fell short of Wall Street expectations.{ai:summary}Tesla's third quarter earnings dropped, falling short of Wall Street's expectations. Profits were down 37% from last year, earning $2.3 billion, the smallest in two years. The company also missed on third quarter revenue, which was up 9% from last year. #economy

Tesla third-quarter earnings slow, missing forecasts | CNN Business

Loading...