Tesla's net profit for the third quarter was $787 million, down 44% year-on-year.

Tesla (TSLA.US) reported in its Wednesday earnings release that as the company continues to allocate significant resources to autonomous vehicles, humanoid robots, and other emerging technologies, its profits have declined year-over-year for a second consecutive quarter. Tesla stated that third-quarter net profit dropped to $787 million from $1.4 billion in the same period last year, a decrease of about 44%. Revenue was $28 billion, remaining essentially flat compared to the previous year. Market expectations had forecast third-quarter net profit at $785 million and revenue at $27.88 billion. Elon Musk had previously warned that as Tesla invests resources into AI-driven autonomous driving technology and humanoid robot research, company profits would be impacted. However, revenue generated by these new ventures remains limited at present. Tesla's free cash flow for the third quarter stood at a positive $1.53 billion, compared to market expectations of negative $4.921 billion.