Tesla Inc.'
With Tesla’s Smart Summon feature, the car drives itself to its human owner. It’s already being abused, raising public safety questions.Revenue fell to $6.3 billion in the third quarter, missing analysts’ estimates and down from $6.8 billion a year earlier. The drop is the first year-over-year decline for the companyOperating earnings improved to $261 million, compared with a $167-million operating loss in the previous quarter.
Musk has been charging customers for performance features that Tesla vehicles aren’t actually capable of yet. At the end of June, the company said it expected to recognize $567 million of deferred revenue in the following 12 months. It’s now anticipating the release of almost $500 million tied to the rollout of Autopilot and Full Self Driving features, according to the statement, which doesn’t give a time frame.
Tesla’s gross margin in the third quarter was 22.8%, down from a year earlier but a 3.9-percentage point improvement from the second quarter. “The stock is popping because of gross margin, which is impacted by the Full Self Driving features,” said Ross Gerber, president of fund manager Gerber Kawasaki, which holds Tesla shares. “By releasing Smart Summon on the last weekend of the quarter, Musk was able to realize some of that deferred revenue.”
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