Tesla's stock soared 12% after hours as its third-quarter profit beat expectations.

On October 24, Tesla's (TSLA.O) stock price rose more than 10% after hours, and as of the time of writing, it was trading at $239.5/share, up 12.099%.

On the news front, the company's third-quarter earnings beat expectations, and Musk predicted a 20% to 30% increase in vehicle sales next year.

Source: RoyalFlush

However, earlier in the day, the US stock market had a full-blown crash. The three major indices all closed lower, with the Dow Jones falling 0.96%, the Nasdaq falling 1.60%, and the S&P 500 falling 0.92%. Large tech stocks were all down, with Meta falling over 3%, Apple and Amazon falling over 2%, and Tesla falling nearly 2%.

Financial data above expectations

On October 24, the just-released financial report showed that Tesla's third-quarter profit exceeded expectations, except for its revenue, which was slightly lower than analysts' expectations:

Revenue of US$25.18 billion, up 8% year-on-year, slightly lower than the market's expectation of US$25.37 billion, and US$23.35 billion in the same period last year;

Net profit of about US$2.17 billion, up 17% year-on-year, or US$0.62 per share, significantly exceeding analysts' expectations;

Adjusted EPS of US$0.72, analysts' expectation of US$0.60;

Margins of 19.8%, analysts' expectation of 16.8%;

Operating profit of US$2.72 billion, analysts' expectation of US$1.96 billion;

Free cash flow of US$2.74 billion, analysts' expectation of US$1.61 billion;

Musk said he predicted a 20% to 30% increase in Tesla's vehicle sales next year; Cybercab will achieve mass production in 2026, with a target of producing at least 2 million units per year.

However, the CFO of Tesla said that maintaining the profitability of vehicles in the fourth quarter would face "challenges" considering the current economic environment.

Previous Robotaxi caused stock price fluctuation

It is worth noting that Tesla's last stock price fluctuation was on October 11. At that time, Tesla held a "WE, ROBOT" conference and officially introduced its Robotaxi product.

However, the capital market was not very optimistic, with investors generally believing that Tesla's Robotaxi was "just talk."

On October 11, after Musk released the latest progress of Cybercab and Cybervan, Tesla's stock price fell nearly 7% before the market opened. The A-share autonomous driving sector fell 4.84%.