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Tesla TSLA is up 11% on Thursday, after a strong Q4 2022 report. Compared to last month, the stock is up 47%.
Tesla shares rose sharply on Thursday after the company reported its best quarterly earnings in its Q4 2022 report. Investor sentiment took a turn for the worse late last year as they believed the company was struggling with a demand problem. Although Tesla CEO Elon Musk said that “Tesla is executing better than ever!”, this did not have a significant positive impact on investors and in 2022 a 63% drop in share price was registered.
However, the day after the release of the Q4 2022 earnings report, on January 25, Tesla's share price began to rise, closing at $160.27 per share—the highest price since December 16 last year. This added about $50 billion to the manufacturer's market capitalization, bringing it to $506 billion. Compared to last month, the stock is up 47%.
Tesla is the second-best performer of any stock listed on the S&P 500 over the last month, according to FactSet data, trailing only Warner Bros. Discovery, reported Forbes. Tesla is the best-performing publicly traded company with a market cap of over $50 billion Thursday, according to Yahoo Finance data.
Tesla recorded total revenue of $24.32 billion and earnings of $1.19 per share in Q4 2022, both of which beat analyst consensus estimates. This was the company's strongest quarter in its history. In addition, the company has many positive points for 2023. During the earnings call, Musk said that Tesla has the potential to sell 2 million vehicles in 2023, beating the company's forecast of 1.8 million units. Tesla also intends to unveil information about the 3rd generation platform during Investor Day in March. The start of production of Cybertruck should begin in the middle of the year, as previously planned.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.