Tesla reported third-quarter earnings after the bell Wednesday, and it is a beat on each the highest and backside strains. Listed below are the outcomes.

• Earnings per share (adjusted): $1.86 vs $1.59 anticipated per Refinitiv
• Income: $13.76 billion vs $13.63 billion anticipated per Refinitiv

The report outcomes have been pushed by improved gross margins of 30.5% on its automotive enterprise and 26.6% total, each of that are information for no less than the final 5 quarters.

The corporate reported $1.62 billion in (GAAP) internet earnings for the quarter, the second time it has surpassed $1 billion. Within the year-ago quarter, internet earnings was $331 million.

The corporate beforehand reported deliveries of 241,300 electrical automobiles and manufacturing of 237,823 automobiles in the course of the interval ending September 30, 2021.

Not like different automakers, Tesla’s gross sales rose in the course of the quarter, setting a brand new firm report, regardless of chip shortages and provide chain challenges weighing on the business. (Deliveries are the closest approximation of gross sales that Tesla experiences.)

Final quarter, CEO Elon Musk stated he would now not lead earnings calls by default. He could select to not deal with shareholders and analysts on Wednesday, which might absolutely disappoint his followers.

Traders submitted inquiries to Say Applied sciences, a web site Tesla makes use of to ballot shareholders forward of earnings calls, searching for updates on the now-delayed Cybertruck, Tesla’s 4680 battery cells, and whether or not a $25,000 electrical automobile, which Musk teased final yr, continues to be underway.

Tesla’s technique for weathering provide chain points may also be in focus, together with the corporate’s ongoing investments in and gross sales of cryptocurrency and regulatory credit.

It is a creating story. Examine again for updates.

— CNBC’s Michael Wayland contributed reporting.