Tesla Q4, FY23 Earnings Increase, Misses Estimates

(RTTNews) - On Wednesday, Tesla, Inc. (TSLA) announced an increase in its fourth quarter and fiscal year 2023 earnings primarily due to higher revenue. However, earnings missed the Street estimates.

For the fourth quarter, profit was $7.9 billion or $2.27 per share compared to $3.7 billion or $1.07 per share last year.

On an adjusted basis, profit for the fourth quarter totaled $2.5 billion or $0.71 a share versus last year's $4.1 billion or $1.19 a share.

Analysts, on average, polled by Thomson Reuters estimated a profit of $0.74 a share for the fourth quarter. Analysts' estimates typically exclude special items.

For full-year 2023, profit increased to $14.9 billion or $4.30 a share from $12.5 billion or $3.62 a share from last year.

Excluding items, profit for the full year 2023 declined to $10.8 billion or $3.12 a share from last year's $14.1 billion or $4.07 a share, whereas analysts polled by Thomson Reuters estimated it to stand at $3.15 a share. Analysts' estimates typically exclude special items.

Revenue for the fourth quarter increased to $25.2 billion from $24.3 billion the prior year.

After hours, Tesla is sliding 2.63 percent, to $202.49 on the Nasdaq.