Changes in US stocks | Tesla (TSLA.US) fell more than 5%, Q3 net profit fell 29% year on year

The Zhitong Finance App learned that on Thursday, Tesla (TSLA.US) fell more than 5% to 416.92 US dollars. According to financial reports, Tesla's third-quarter revenue was US$28.1 billion, up 12% year on year, higher than analysts' estimate of US$26.37 billion; adjusted net profit was US$1.77 billion, down 29% year on year, falling for the third consecutive quarter; adjusted earnings per share were 0.5 US dollars, down 31% year on year, lower than analysts' estimate of 0.54 US dollars.

Analysts believe that the decline in net profit is related to Tesla's launch of cheaper models in the third quarter. In October, Tesla launched the Model 3 and Model Y standard models in the US, cutting prices by about 12%. The gross margin of Tesla's automobile business in the third quarter fell 1.6 percentage points year on year to 15.4%, lower than the average forecast of 15.6%.