05:05 PM EDT, 10/23/2024 (MT Newswires) -- Tesla's (TSLA) third-quarter earnings unexpectedly increased year-over-year while the electric vehicle manufacturer's revenue fell short of Wall Street's estimates.

Adjusted earnings rose to $0.72 per share for the September quarter from $0.66 the year before, compared with the Capital IQ-polled consensus of $0.60. Revenue increased 8% to $25.18 billion, but fell short of the Street's $25.67 billion view.

Tesla's shares were up 9% in after-hours trade.

Automotive revenue edged 2% higher at $20.02 billion, while the energy generation and storage segment climbed 52% to $2.38 billion. Tesla's operating margin grew 323 basis points to 10.8%, buoyed in part by lower cost per vehicle and higher deliveries. However, reduced average selling prices of its models S, 3, X and Y weighed down operating profitability and consolidated revenue, according to a shareholder deck.

The company ealrier this month posted third-quarter deliveries of 462,890 vehicles, up sequentially and annually but missing the Street's whisper numbers at the time. In addition, Tesla's recent "We, Robot" event lacked key details and updates, leaving some analysts disappointed.

Tesla said late Wednesday that it expects "slight growth" in vehicle deliveries this year, compared with prior expectations for vehicle volume to possibly be "notably lower" annually.

"Preparations remain underway for our offering of new vehicles -- including more affordable models -- which we will begin launching in the first half of 2025," the company said. "Despite sustained macroeconomic headwinds and others pulling back on EV investments, we remain focused on expanding our vehicle and energy product lineup, reducing costs and making critical investments in (artificial intelligence) projects and production capacity."

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