Tesla’s stock continued its rally on Friday, climbing 4.43% following the company’s solid third-quarter earnings report. Tesla shares, which trade on the Nasdaq, started the day at $257.69 and reached $269.11 within half an hour, showing strong momentum from Thursday’s Q3 results. By midday, Tesla’s price stood at $267.62, up from $260.48 at the previous close.
The Nasdaq Composite Index also rose 1.29% to 18,653 points, riding the positive wave from Tesla and other market gains.
Tesla’s Earnings Drive Market Confidence
On Thursday, Tesla announced impressive Q3 results, pushing the stock up 19%—its best single-day gain in over a decade. The company reported a $2.2 billion net income, a 17% increase over last year, and an 8% revenue rise to $25.2 billion.
Tesla’s Q3 results were bolstered by lower material and freight costs, which reduced per-vehicle costs, leading to a promising outlook for growth in 2024. CEO Elon Musk shared a forecast of 20-30% growth in vehicle deliveries next year, aiming for continued momentum.
These gains reversed Tesla’s previous slump after Q2 results missed expectations, causing an 8% drop in its stock price. Now, with solid Q3 figures, Tesla appears set for further growth.
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