Tesla Q2 Earnings: Delivers profit, beats expectations

Courtesy of Tesla, Inc

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)

Tesla also reported its first full year of profitability on a GAAP basis, which means it can now be considered for inclusion on the S&P 500 index.

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.

evglobe

Editor EVGLOBE