/Tesla reports fourth straight quarter of profits

Tesla reports fourth straight quarter of profits

This photo of a production version of Tesla’s Model Y was included in the company’s Q4 2019 earnings report.


Tesla just reported its second-quarter results. Shares rose more than 6% after hours as the company beat expectations and reported its fourth straight quarter of profits. 

Here’s how Elon Musk’s electric car and renewable energy business did, versus analysts’ expectations, according to estimates compiled by Refinitiv.

  • Earnings: $ 2.18 ex-items vs. 3 cents per share, expected.
  • Revenue: $ 6.04 billion vs. $ 5.37 billion, expected.
  • Net income: $ 104 million (GAAP)

Tesla also reported its fourth consecutive quarter of profitability on a GAAP basis, which means it can now be considered for inclusion on the S&P 500 index.

Refinitiv compiled data from 16 analysts whose estimates varied widely, from losses of $ 2.53 per share to earnings of $ 1.45 per share for Tesla, and from revenue of $ 2.78 billion on the low-end to $ 6.18 billion on the high-end for the second quarter.

In the year-ago quarter, Tesla‘s automotive revenue came in at $ 5.38 billion of $ 6.35 billion total, with $ 111.2 million from regulatory credits. Tesla reported losses per share of $ 1.12, missing analysts’ expectations during this period last year.

At this time last year, Tesla’s shares were trading around $ 260. Now, they’re trading above $ 1,500, making the company the most valuable auto-maker in the U.S. by market cap. 

During the period ending June 30, 2020, Tesla grappled with the effects of the Covid-19 pandemic and widespread civil rights protests on its employees, customers and U.S. factory operations, especially.

The company also achieved better-than-expected second-quarter vehicle production and delivery numbers, sending Tesla’s stock price soaring. In July, Tesla shares have risen more than 50% so far, adding to the stock’s more than threefold increase for the year to date.

This is breaking news. Please check back for updates. 

Let’s block ads! (Why?)