Tesla reports earnings after the Closing Bell Wednesday. Wall Street expects about $3.28 Billion in quarterly revenue, and earnings per share loss of $3.12. The report comes on the heels of a major milestone for Elon Musk's other company SpaceX. CFRA Research's Efraim Levy shares what he is watching for in this report.
"The number one thing we are looking at is an update for the production of the Model 3," says Levy. "That's what all the profits are riding on at this point."
Unless results are dramatic, Levy expects the bulls and bears to dig into this stock wherever they are.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
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