- Elon Musk’s company released its earnings after the market’s closing bell. The most important data is below.
- Tesla reported $16.93 billion in revenue, versus an expected $17.1 billion, according to Refinitiv.
- Earnings per share (EPS) were better than analysts’ estimates.
- While the company generated $344 million in revenue from regulatory credits, it lost $460 million from the Bitcoin crash.
- Elon Musk’s firm sold 75% of its Bitcoin holdings, converting it to fiat currency, and adding $936 million in cash to its balance sheet.
- The company delivered 254,695 electric vehicles in the quarter, indicating a growth of 27% over the prior-year quarter.
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After the closing bell of the stock market, Tesla reported its quarterly results that have points for and others against, such as its investment in Bitcoin.
First place reported $16.93 billion in revenue, versus an expected $17.1 billion, according to Refinitiv. While earnings per share (EPS) was USD 2.27 vs. USD 1.81 estimated.
Inflation affected the company’s auto gross margin as it was 27.9%, down from 32.9% last quarter and 28.4% a year ago.
On the other hand, the company generated $344 million in revenue from autoregulatory credits in the second quarter, which was overshadowed by the $460 million loss on its Bitcoin investment.
Elon Musk’s firm sold 75% of its Bitcoin holdings, converting it to fiat currency, and adding $936 million in cash to its balance sheet.
As for production, Tesla revealed 254,695 vehicles delivered, which was a 27% growth from the prior-year quarter, but a decrease of 18% sequentially.
Its shares were up almost 1% in after-hours trading and are trading at $749. So far this year, titles accumulate a loss of very close to 30%.
