$Tesla(TSLA.US) (-1.8% AH) missed on 3Q Adj EPS ($.50 vs $.59 exp) as auto gross margin ex-reg credits was light (15.4% vs 15.6% exp), and reflecting higher than expected Restructuring charges ($238M vs $0 exp) and Other expense (-$28M vs $0 exp). Tax rate also came in high (29.1% vs 21.1% exp). SG&A expenses were also higher than expected (6.4% of revs vs 5.4% of revs expected). Free cash flow of $4.0B was much higher than $1.5B expected. The conference call is usually more relevant than the numbers themselves.
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