Tesla Q3: revenue flat at $28.05 billion, operating income down 56% to $718 million; R&D spending up 69% on "Super Intelligence", Optimus and Cybercab
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
Tesla is spending ever more on SI, Optimus and Cybercab, and it is already visibly cutting operating profit.
According to Tesla's report as relayed by Electrek, quarterly revenue was $28.05 billion (the same as a year ago), adjusted earnings per share were $0.48 versus the expected $0.45, and GAAP net income fell 43% to $787 million. Operating income fell 56% to $718 million (margin 2.6% versus 5.8%) because spending on SI and Optimus grew faster than gross profit: research and development costs rose 69% to $2.76 billion — the company now calls the areas "Super Intelligence", Optimus and Cybercab. Capital spending in the quarter was $4.73 billion versus $2.25 billion a year earlier, and free cash flow was $1.53 billion versus $3.99 billion.
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