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Is Tesla (TSLA) A Buy Ahead of Q3 Earnings Announcement?
Electric vehicle maker Tesla (TSLA - Free Report) is set to report third-quarter earnings results on Wednesday after the close. The stock has outperformed this year amid a positive string of earnings surprises. Tesla, a Zacks Rank #3 (Hold) stock, has averaged a 7.94% earnings beat over the past four quarters. But given disappointing Q3 delivery data, is TSLA a buy?
Tesla has become a technology leader in the artificial intelligence race. The company is expected to post a third-quarter profit of $0.73/share, which would reflect negative growth of -30.48% versus the same quarter last year. Estimates for the quarter have declined -7.59% over the past 60 days. Revenues are projected to grow 13.64% to $24.38 billion.
Tesla reported disappointing Q3 delivery data earlier this month of 435,059 vehicles, down 6% from the second quarter. The underwhelming figure warrants a cautious approach ahead of earnings.