Tesla’s net income more than doubled to $7.9 billion in the fourth quarter
Tesla cautioned that growth is likely to come in lower in 2024 than it did last year without specifying a target. In 2023, its global vehicle deliveries increased 38% over the prior year; and for several years, Tesla had been aiming for 50% annual growth on average.
For the fourth quarter, Tesla’s net income more than doubled to $7.9 billion, largely due to a one-time tax benefit. But the company’s income from operations was down 47% from the prior-year period, and its fourth-quarter revenue came in shy of analysts’ expectations.
Adjusted earnings per share of 71 cents for the fourth quarter also missed Wall Street’s estimates.
Its operating margin improved slightly quarter-over-quarter to 8.2% for the final three months of the year.