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Published: 01:55 19 Oct 2026 BST
Josh Gilbert, lead Analyst for APAC at eToro Group Ltd (Unlisted (US):ETRO), shares his three things to watch in Australia in the coming days.
Tesla heads into Q3 earnings this week with the car business showing a pulse again. The big question, though, is whether those extra cars actually made any money. Results land on Thursday morning Australian time and plenty of local investors will be watching closely; in Q3, Tesla remained the second-most-held stock on the etoro platform in Australia. Analysts expect revenue of about US$28b and earnings of 22 cents a share, a brutal drop from 43 cents a year ago. Deliveries of 486,532 beat forecasts by about 5%, so the sliver of hope here is that volume is finally translating into margin.
The hanging question is whether that delivery volume came with pricing concessions, given automotive revenue forecast are down 7% on last year and auto gross margin excluding credits modelled at roughly 16%, flat on the quarter. Free cash flow is forecast to be negative, compared to a positive figure a year ago, with capex guided above US$25 billion this year and set to keep rising. Energy storage deployments of 13.7 GWh also fell about 14% short of forecasts, and FSD, at 1.48 million active users, remains a limited earnings contributor for now.
That last point may seem minor, but it does prompt concern around the profitability of the company’s more futuristic ambitions, such as the Cybercab fleets and Optimus robots. The automated taxi trials are moving ahead slowly, while robot companions still seem like a far-flung ambition. New consumer vehicle models are a bit more of a tangible promise for investors, but Tesla’s new ‘flying’ Roadster, previewed in a smoke-and-mirrors extravaganza last Friday, is still not due to launch until 2028. Even then, it’s a low-volume car that isn’t going to fix the delivery numbers.
Further complicating that stretch is Elon Musk’s continued role at Tesla as both CEO and spokesperson. Ahead of the US midterms, his political spending is coming back into focus, and history shows us that any kind of hiccup in his Oval Office relations can come back to bite the EV manufacturer very quickly.
Three months ago, investors were questioning whether Meta’s AI spending would ever pay off, and Muse has gone a long way towards changing that conversation. Shares have rallied almost 37% since the July result, with the Muse personal AI agent sitting at number one on Apple’s App Store since late September, giving investors the first real sign that Meta’s AI push can win over consumers and not just drain cash.
The core business doesn’t need to do much heavy lifting this quarter, with Meta guiding to revenue of US$61 billion to US$64 billion, although the settlement with US state attorneys general agreed in August is likely to muddy the headline numbers. The bigger focus is the bill, with capital spending guided at US$130 billion to US$145 billion this year after free cash flow shrank to just US$784 million last quarter, so any early look into what costs may look like in 2027 will be watched closely.
Muse has changed the narrative, but there’s still a long way to go. App tracking data suggests downloads have levelled off since the launch surge, while time spent in the app is still climbing, which is the better sign of the two, because retaining users represents potential to truly monetise. Meta is still spending like a hyperscaler without a hyperscaler’s business model, so investors will want to hear how Muse starts paying its way, along with any update on the compute sales Zuckerberg flagged last quarter.
Nobody is questioning the AI buildout anymore, only who pays for it and when it pays back, and after a 37% rally, a solid quarter is already priced in. Investors now want to see the money that’s going out the door start coming back in.
Netflix heads into earnings with a business that keeps finding new ways to make money, even as questions grow over whether people are actually watching more. The problem is that shares are down 22% year to date, and revenue growth is expected to slow to 11.7% from 16.2% last quarter. With Netflix no longer reporting subscriber numbers and moving its viewing report to an annual release starting in 2027, investors have fewer ways to gauge whether that growth is driven by a larger audience or simply higher prices. The focus is going to be keeping growth at double digits heading into next year especially with the backdrop of a strained consumer.
Management has guided to revenue of US$12.86 billion, EPS of US$0.82 and an operating margin of 33.2%, and Netflix has a solid track record on that front, beating EPS expectations in seven of the last eight quarters. That still hasn’t cut the mustard, with shares ending lower a week after its result for the last five earnings releases. Advertising remains the brightest spot, with ad revenue on track to roughly double to around US$3 billion this year, while live events like the NFL Christmas games give viewers a reason to tune in at a set time, which is exactly what advertisers pay a premium for.
The softer spot is engagement, with viewing hours up just 2% in the first half, which raises the question of whether Netflix is still winning more of people’s time or simply charging more for the time it already has. The appointment of Peter Rice as chief creative officer, starting days after this result, puts content squarely in the spotlight, while Disney lifting the price of its ad-free Disney+ plan by 13% in September shows the whole industry is leaning on pricing to drive growth.
Netflix has proven it can make more money from its audience, but the full-year outlook will show whether investors should still treat it as a growth company or a mature streamer that’s getting better at monetisation.
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HeLIX Exploration PLC (AIM:HEX, OTCQB:HHEXF) CEO Bo Sears spoke with Proactive's Stephen Gunnion about restarting helium production at the Rudyard project in Montana, resuming tube trailer filling and plans to expand output through further drilling. Sears confirmed that the processing plant…
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