Tesla is lower by about 6% in pre-market trading on Thursday morning after the company missed on revenue estimates and continued to note vehicle delivery issues during its conference call.
Cash and cash equivalents $21.107billion, +31% y/y,$1.92BN: quarterly capex first broke $1 billion in the third quarter of 2020, and it’s been trending higher ever since as Musk launched construction of two new assembly plants in Austin and Berlin.We noted yesterday that some commentators were quick to dissect the earnings,were light by a few %; the gross margin was light by ~50bps prob due to low ZEV credit; the company underspent opex by on order of 300M, so it beat eps by .
“Tesla is a company that typically has been beating numbers, and the reaction your seeing is that people are a bit taken aback by the fact that they missed,” Munster said.As for EPS, Tesla also hasn’t missed in a very long time. The last time adjusted profit fell short of estimates was in the fourth quarter of 2020.Morgan Stanley
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