SLA MISSES EARNINGS DOWN BIG TRADERS
Tesla reported fourth-quarter revenue of $25.17 billion, which was up 3% year-over-year. The revenue missed a Street consensus estimate of $25.62 billion, according to data from Benzinga Pro.
Automotive revenue totaled $21.56 billion, which was up 1% year-over-year.
The company reported earnings per share of 71 cents, which missed a Street consensus estimate of 74 cents per share.
Tesla said revenue and earnings were impacted by growth in vehicle deliveries that have lower average selling prices.
Operating margins were 8.2% in the fourth quarter, which was down 784 basis points year-over-year, but an improvement on the 7.6% reported in the third quarter.
The company reported 41 MW of solar deployed in the fourth quarter, which was down 59% year-over-year. Energy storage of 3,202 MWh was up 30% year-over-year.
For the full fiscal year, Tesla posted revenue of $96.77 billion, which was up 19%.
The Tesla Model Y was the best-selling vehicle globally in 2023, according to the company.
"For a long time, many doubted the viability of EVs. Today, the best-selling vehicle on the planet is an EV," the company said.
The company previously reported fourth-quarter production and delivery figures. Tesla reported deliveries of 484,507 units and production of 494,989 units. This represented year-over-year increases of 19.55% and 12.57%, respectively.
Global production hit a record annualized run rate of around 2 million vehicles in the fourth quarter.
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