Lates News

Tesla (TSLA.O) reported on Wednesday that its profit fell year-over-year for a second consecutive quarter, as the company continues to pour substantial resources into self-driving cars, humanoid robots and other emerging technologies. Tesla said third-quarter net profit fell to $787 million from $1.4 billion a year earlier, a decline of about 44%. Revenue was $28 billion, roughly flat compared with the same period last year. Market expectations had projected third-quarter net profit of $785 million and revenue of $27.88 billion. Musk had previously warned that Tesla's profits would be pressured as the company directs resources into AI-driven autonomous driving technology and humanoid robot development. However, revenue from these new businesses remains very limited so far. Tesla's third-quarter free cash flow was positive $1.53 billion, versus market expectations of negative $4.921 billion.