Tesla reported record revenue of $21.45 billion in the third quarter, though that fell short of Wall Street consensus estimates for the first time since the third quarter of 2021.

On a non-GAAP basis, Tesla reported adjusted earnings per share (EPS) of $1.05 for the third quarter, beating estimates of $1.01. This was up 69 percent year-on-year and slightly below the previous record of $1.07 for the first quarter.

Under GAAP, Tesla reported EPS of $0.95 for the third quarter, up 98 percent year-on-year.

Under GAAP Tesla's gross margin for the third quarter was 25.1 percent, below analysts' expectations of 26.6 percent.

Tesla's automotive gross margin for the quarter was 27.9 percent, below analysts' expectations of 28.4 percent, and below 30 percent for the second consecutive quarter.

Tesla's cash and cash equivalents were $21.1 billion at the end of the third quarter, 31 percent higher than a year ago.

Tesla cited higher raw material and commodity prices and increased logistics costs as some of the negative factors affecting profits.

The performance did not impress investors, and Tesla fell 6.28 percent in after-hours trading on Wednesday.

During an earnings call after the results were announced, Tesla CEO Elon Musk said he thought Tesla was potentially worth more than Apple and Saudi Aramco combined.

Tesla's market capitalization is now less than $700 billion, compared to Apple's $2.3 trillion and Saudi Aramco's $2.1 trillion.

Tesla has previously said it expects deliveries to grow by more than 50 percent to 1.5 million units this year. But in the first three quarters, Tesla delivered 908,573 vehicles worldwide, including 343,830 units in the third quarter.

This means that Tesla will have to almost double its fourth-quarter deliveries to 600,000 vehicles to reach its previously mentioned goal.

The company's CFO, Zach Kirkhor, said on the call that annual delivery growth is expected to be less than 50 percent this year.

Musk said Tesla will have an epic end of year and expects record car deliveries in the fourth quarter.

Musk also mentioned that Tesla is working on a next-generation car that will cost half as much as the Model 3 and could produce more cars than all of Tesla's current car offerings combined.