Tesla reported earnings after the bell Monday, and it’s a beat on both top and bottom lines. Shares rose about 2% after hours. Here are the results.
Earnings: $1.45 vs 98 cents per share adjusted expected, according to Refinitiv
Revenue: $11.96 billion vs $11.30 billion expected, according to Refinitiv
The company reported $1.14 billion in (GAAP) net income for the quarter, the first time it has surpassed $1 billion.
Overall automotive revenues came in at $10.21 billion, of which only $354 million came from sales of regulatory credits. That’s a lower number for credits than in any of the previous four quarters. Automotive gross margins came in at 28.4%, higher than in any of the last four quarters.
Tesla had already reported deliveries (its closest approximation to sales) of 201,250 electric vehicles, and production of 206,421 total vehicles, during the quarter ending June 30, 2021.
During the quarter, among other challenges, Tesla faced a backlash from consumers in China, recalls in China and the US, and delayed deliveries of the high-performance version of its flagship sedan, the Model S Plaid.
https://www.cnbc.com/2021/07/26/tesla-tsla-earnings-q2-2021.html
