Tesla Q3 profit falls as SpaceX merger talks progress

Summarised from 2 outlets · Updated 21 Oct, 22:32 · Archive

Tesla's third-quarter net income fell 44 per cent year-on-year as Elon Musk said a merger with SpaceX is being considered.

Tesla reported a decline in profit for the third quarter, with net income of $787 million, or 22 cents per share, down 44 per cent from the year-earlier period. Revenue was essentially flat at $28 billion, falling slightly short of analysts' forecasts. On an adjusted basis, earnings per share of 48 cents beat Wall Street expectations by 3 cents.

During a SpaceX conference call on Tuesday, Elon Musk said a long-rumoured merger between Tesla and SpaceX might be in the works. He stated that special committees had been set up at each company to discuss a possible combination, whilst cautioning that many hurdles remain before any deal could proceed.

Tesla stock rose 1.6 per cent in after-hours trading following a 3.6 per cent gain during the regular trading session.

How it is being reported

• Tesla's Q3 profit drops as it prepares for possible merger with Musk's other public company, SpaceXTesla posted a drop in profit for the latest quarter as it prepares for a possible merger with Elon Musk’s other big business, SpaceX.Clickorlando · 21 Oct, 21:55
• Tesla's Q3 profit drops as it prepares for possible merger with Musk's other public company, SpaceXTesla posted a drop in profit for the latest quarter as it prepares for a possible merger with Elon Musk’s other big business, SpaceX.News4Jax · 21 Oct, 21:55

In this story: Tesla · SpaceX · Elon Musk · Wall Street

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