Tesla and Hermès had a very profitable third quarter, with results exceeding analysts’ forecasts, and this despite a not always favourable context.
Tesla multiplies by 4
The shortage of electronic chips that is affecting the entire global automotive sector could have led to fears of difficulties for Tesla. But this was not the case, and instead Elon Musk’s carmaker managed to increase production and quadruple its net profit in the third quarter to 1.6 billion dollars, on the back of a 57% increase in turnover.
In the same period, the company announced that it had delivered a record 241,300 vehicles.
Hermès is not afraid of the pandemic
As for Hermès, the bag maker’s sales rose 31% in the third quarter, beating market expectations as the pace of rebound from the coronavirus pandemic slowed from the previous quarter.
Analysts had expected the French luxury goods group’s revenues to rise by 21% in the third quarter.
The brand’s revenues at the end of the quarter were 2.37 billion euros, 40% higher than before the pandemic, the company said this Thursday.
Luxury goods companies have thus recoveredstrongly from the sting of the pandemic, sustained by strong demand as blockades loosen around the world and consumers resume socialising.
However, purchases by travellers, a key source of revenue for the luxury sector, remain stalled, and a resurgence of Covid-19 cases in Asia over the summer has weighed on the growth of some major luxury groups.
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