US Stock Market Move | Tesla, Inc. (TSLA.US) fell more than 5% in the third quarter, with net profit decreasing by 29% year-on-year.

On Thursday, Tesla, Inc. (TSLA.US) fell more than 5% to $416.92. The financial report shows that Tesla, Inc. had a third quarter revenue of $28.1 billion, a 12% year-on-year increase, higher than analysts' estimate of $26.37 billion. The adjusted net profit was $1.77 billion, a 29% year-on-year decrease, the third consecutive quarter of decline; adjusted earnings per share were $0.50, a 31% year-on-year decrease, lower than analysts' estimate of $0.54. Analysts believe that the decline in net profit is related to Tesla, Inc. introducing lower-priced models in the third quarter. In October, Tesla, Inc. introduced standard versions of the Model 3 and Model Y in the US, reducing prices by about 12%. Tesla, Inc.'s automotive business gross margin in the third quarter decreased by 1.6 percentage points year-on-year to 15.4%, lower than the average expectation of 15.6%.