Tesla Beats Earnings Estimates but Trims Full-Year Capital Expenditure Guidance to $20 Billion

Tesla cut its full-year capital expenditure forecast to about $20 billion from over $25 billion following mixed third-quarter results. Adjusted earnings per share reached $0.48, beating expectations, while revenue was largely flat at $28.05 billion. However, core automotive revenue fell 3% to $20.56 billion, and net income dropped to $787 million amid climbing research, development, and operating expenses. Tesla generated $1.53 billion in free cash flow, supported by lower capex and expanding Full Self-Driving subscriptions, while the stock declined roughly 2% as investors scrutinized rich valuation multiples and robotics timelines.