Tesla announces Q2 earnings of $1.42 per share thrashing expectations after record deliveries. Tesla’s profit beat estimates on 98% revenue growth.
- Revenue: $11.96 Billion vs. $11.37 Billion expected and $6.04 billion Y/Y
- Adjusted earnings per share: $1.45 vs. $0.97 cents Y/Y
Tesla, like other automakers are a victim of chip shortage issues.
Update 2: Tesla reports a $23 million bitcoin-related impairment caused some drag on its quarterly operating income. The company only referred to bitcoin or crypto one time in its second-quarter announcement.
Update 1: The electric auto company only referred to bitcoin or crypto one time in its second-quarter announcement, after CEO Elon Musk went back and forth on whether Tesla would accept bitcoin for vehicle purchases.
“Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2,” according to Tesla’s shareholder update on Monday.
“The Tesla team, including supply chain, software development and our factories, worked extremely hard to keep production running as close to full capacity as possible. With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year.”
Tesla achieved a record-delivery of 201,250 vehicles – double compared to the same period in 2020.
Here’s the link to the release.
This news is breaking., so watch this space for more updates.
Tesla is expected to announce its Q2 earnings after the bell.
Here’s what analysts expect, in line with estimates compiled by Refinitiv:
- Earnings: $0.98 per share, adjusted, anticipated
- Revenue: $11.30 billion anticipated
More updates to follow