- 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.
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%.