Tesla Inc. (NASDAQ:TSLA) shares are trending on Thursday.

Shares of the Austin-based electric vehicle giant fell 4.86% to $367.70 in pre-market trading after the company reported third-quarter results.

Tesla Q3 Earnings Beat Estimates

Tesla reported revenue of $28.05 billion, flat year over year and slightly above the analyst estimate. Earnings per share came in at 48 cents, surpassing the 43-cent estimate.

Automotive revenue fell 3% to $20.56 billion. Deliveries totaled 486,532, down 2% from a year earlier.

Tesla said it ended the quarter with “the largest backlog for our passenger vehicles in four years.”

The move also comes as CEO Elon Musk said on the earnings call that the Austin Cybercab fleet has grown tenfold in a month.

Federal regulators have opened an audit query into Cybercab’s safety self-certification.

Trading Metrics, Technical Analysis

Tesla has a market capitalization of $1.53 trillion, a 52-week high of $498.82 and a 52-week low of $297.38.

The Relative Strength Index (RSI) of TSLA stands at 59.77.

The automotive stock has fallen roughly 12% over the past 12 months.

Price Action: On Wednesday, the stock closed at $386.47, up 3.41%, according to Benzinga Pro data.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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