A question to
@ReflexFunds,
@luvb2b and other modeling experts, I was reading through Elon's Q4 announcement email again, and noticed the following:
"In Q3 last year, we were able to make a 4% profit. While small by most standards, I would still consider this our first meaningful profit in the 15 years since we created Tesla."
I don't see where the 4% figure comes from:
- Q3 GAAP profit was $311.5m, on $6,824.4m of revenue, which is 4.64% profit. All the other, non-GAAP profit metrics are much larger percentages.
- Using EPS would be sloppy as the stock price wasn't constant - but if we use the ~$350 stock price when he wrote the email and the lowest EPS figure ($1.75 GAAP EPS per diluted share), then we get a return of 5.0%.
Any ideas? Did he just round down the 4.64% to 4%?