By Connor Hart
Tesla reported higher-than-expected third-quarter earnings, reversing course from falling profits earlier this year. The electric-car maker posted net income of $2.2 billion, driven in part by higher sales of regulatory credits to other automakers. Revenue rose 8%, boosted by an increase in global deliveries. The company's closely-watched operating margin was 10.8%. Shares rise 12%, to $238.80, in after-hours trading.
International Business Machines posted mixed earnings in the third quarter. Revenue rose 1.5%, to $14.97 billion, but below Wall Street expectations. Adjusted earnings were $2.30 a share, beating the $2.22 that analysts surveyed by FactSet expected. The tech company expects fourth-quarter revenue growth to be similar to the third quarter on a constant-currency basis. Shares fall 2.8%, to $226.29, in post-market trading.
T-Mobile reported higher-than-expected third-quarter results. The cell carrier said profit rose to $3.06 billion from $2.14 billion. On a per-share basis, earnings of $2.61 topped the $2.43 that analysts expected. Total service revenue rose 4.7%. T-Mobile added 865,000 postpaid phone connections, outpacing AT&T and Verizon. The carrier now expects postpaid net customer additions of 5.6 million to 5.8 million for 2024, up from earlier guidance. Shares rise 1.2%, to $223. 50, in after-hours trading.
Mattel expects sales to fall this year after a steep decline in Barbie sales led to lower revenue in the third quarter. However, the toy company's profit is holding up due to stronger margins. Overall sales fell 4%, to $1.84 billion, slightly below Wall Street's forecast. Adjusted earnings of $1.14 a share, meanwhile, topped consensus expectations. CEO Ynon Kreiz said the company is well positioned for the holiday season. Shares rise 4.9$, to $18.65, in post-market trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
10-23-24 1953ET