Tesla shocked its critics with a profit of $1.14 billion in Q2, up ten times from a year ago
The long-awaited Tesla quarterly is finally out and the electric car giant didn’t disappoint its investors. Tesla reported its quarterly earnings after the bell Monday, beating on both top and bottom lines. Shares rose about 2% after hours.
Below are the major highlights, according to research firm Refinitiv:
• Earnings: $1.45 vs 98 cents per share adjusted expected
• Revenue: $11.96 billion vs $11.30 billion expected.
In addition, Tesla also reported $1.14 billion in (GAAP) net income for the quarter, the first time it has surpassed $1 billion. During the period, Tesla already reported deliveries of 201,250 electric vehicles, and production of 206,421 total vehicles, during the quarter ending June 30, 2021.
In a letter to investors, Tesla said, “In the second quarter of 2021, we broke new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0%, and exceeded $1B of GAAP net income for the first time in our history.”
The company also added, “Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point.” Acknowledging the present and challenges ahead, Tesla noted that “supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2.”
Meanwhile, during the quarter, Tesla faced arrays of challenges including 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. Shares of Tesla rose about 2% after hours.