Tesla reported adjusted earnings of $0.52 per share, below analysts’ average estimate of $0.60 per share. Shares fell more than 4% in after-market trading.
Tesla Inc. failed to comply with the Wall Street earnings estimates in the second quarterprolonging the poor performance of the beginning of the year marked by the slowdown in sales and the Mass layoffs throughout the company.
In that context, Shares of the electric vehicle manufacturer plunge 4.4% in the aftermarketafter reporting this afternoon some Adjusted earnings of $0.52 per share, below the average analyst estimate of US$0.60 per share.
Meanwhile, the The company’s revenues stood at 46.801 billion dollars in the first half of the year, 3% lower than in the same period in 2023, of which 25.5 billion corresponded to the second quarter. The company reiterated that it sees a “significantly lower” growth rate for 2024.
Elon MuskTesla CEO, commented: “In the second quarter we achieved record quarterly revenue despite a difficult operating environment. The energy storage business continues to grow rapidly, setting a record in the quarter with 9.4 GWh of deployments.” In addition, Musk highlighted progress on Tesla’s AI initiativesincluding reducing the price of FSD (Full Self-Driving) in North America and launching free trials for all vehicles with the necessary hardware.
Profits fell by 50% in the first half of the year
Tesla’s net profit fell 50% in the first half of the year to 2.607 millions of dollars after winning $1.478 billion from April to June45% less than in the same period last year, the electric vehicle manufacturer said on Tuesday.
From April to June, Tesla’s vehicle production fell by 14% to 410,831 vehicles, its sales a 5%, to 443,956 units and the car revenue a 7% to 19.878 billion dollars.
But the generation and storage unit revenues of energy Tesla’s sales doubled in the second quarter to 3.014 millions of dollars.
Tesla said second-quarter revenue was a new record for the company “despite the challenging operating environment.”
The company “reported growth in service and other revenues, driven by improved service center margins and higher gross profit in collision repair,” IOL said.
Source: Ambito
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