Tesla just reported its second-quarter results. Shares went up more than 4 percent after hours as the California-based electric automaker beat expectations and reported its fourth straight quarter of profits.
- Earnings: $2.18 (ex-items) vs. 3 cents per share, expected.
- Revenue: $6.04 billion vs. $5.37 billion, expected.
- Net income: $104 million (GAAP)
Automotive revenue declined by 4% year-over-year for Tesla from $5.38 billion to $5.18 billion, despite the company adding a new crossover SUV to its lineup, the Model Y, and opening a new plant in Shanghai in the past year.
In the year-ago quarter, Tesla reported $111.2 million in revenue from regulatory credits. That number nearly tripled to $428 million in regulatory credits in the second quarter of 2020.
Last year, Tesla’s shares were trading around $250. Now, they’re trading above $1,600, making the company the most valuable auto-maker in the United States. by market cap.