Tesla reported its second quarter earnings. The main takeaways are $16.9 billion in revenue vs $16.88 expected. Adjusted earnings per share were $2.27 vs $1.83 expected.
Musk recently said the company factories were burning through cash due to chip shortages. This cast a shadow on earnings expectations, due to chip shortages and layoffs.
However, Musk did it again, outperforming expectations anyway. Tesla also sold 75% of its Bitcoin, possibly highlighting a new focus on running the car company with less distractions as the Twitter/Musk legal battle continues. From Yahoo Finance:
“Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history,” the company said in a statement.
Musk previously accused Bill Gates of shorting Tesla stock despite being a green energy advocate. Musk and Tesla have many other ”haters” as well. Perhaps Musk will and has been taking Donald Trump’s recent advice and focusing on his companies more than distractions.
As of last check, Tesla stock was up on the day and 2% after hours. It was previously up higher at around 4%.
We are not financial advisors and this article is not investment advice.
UPDATE – 7-21-22:
As of 2:22 PM ET, Tesla stock has followed through on it’s after hours rise, soaring past $819 per share:
