Tesla records over GHc2 billion revenue for 4th quarter in 2019

Tesla records over GHc2 billion revenue for 4th quarter in 2019

- Tesla Inc has posted impressive results for the last quarter of the year 2019 contrary to the expectations of financial analysts

- The company posted profit of $7.4 billion for the period and its share price was $2.14

- Market watchers had predicted a profit of $7.1 billion and a share prize of $1.74

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Information available to YEN.com.gh shows that Tesla Inc. recorded massive profits in the fourth quarter of the year 2019.

Contrary to predictions, the company earned $386 billion or GHc2,142,354,812 in revenue during the period.

Bloomberg reported that market watchers expected the company to earn an adjusted gain of $1.74 share and $7.1 billion in profit.

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Per a report by businessinsider.com, the company’s adjusted earnings amounted to $2.14 per share on profit of $7.4 billion.

Even though analysts predicted an 18.3% gross margin, Tesla recorded a figure of 18.8%.

The company’s results for the fourth quarter is an improvement of its performance for the previous quarter, when it made $1.91 per share and $6.3 billion in profit.

In the fourth quarter of the year 2018, it made $1.93 per share and $7.23 billion in profit.

Tesla’s stock price has more than doubled since it released its third-quarter results in October 2019.

The company’s sales in 2019 also experienced an increase and the rapid construction of its factory in China, which has begun delivering vehicles to customers at the end of the year, has added to the company’s successes.

In other news, prime minister of the United Kingdom (UK), Boris Johnson, has revealed that Chinese technology firm, Huawei, can operate its 5G network in the country.

This comes in the wake of an attempt by the United States of America (USA) to ensure that the Chinese company is excluded from next-communication generation plans by the West.

In apparent defiance to America’s stance on the eve of Brexit, UK stated that Huawei, one of the “high-risk vendors”, would be allowed into the non-sensitive parts of the 5G network.

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Source: YEN.com.gh

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