Tesla Q3 profits plunge despite higher sales as costs, tariffs weigh

(Sharecast News) - Electric car maker Tesla reported a sharp drop in third-quarter earnings despite higher sales in the period. Third-quarter profit fell to $1.4bn from $2.2bn a year earlier, marking a third consecutive quarterly fall. Revenue rose to a better-than-expected $28.1bn from $25.2bn in the three months to September period.

The company said US trade tariffs had impacted profits by $400m in the quarter along with higher restructuring expenses and lower revenues from regulatory credits.

Reporting by Frank Prenesti for Sharecast.com