Tesla’s Net Income Crossed $1 Billion in The Second Quarter

Tesla reported second-quarter earnings that beat expectations across the board, sending its shares up 2% in extended trading.

Earnings of the electric car giant came to $1.45 per share on an adjusted basis, compared to expectations of 98 cents, according to analysts at Refinitiv, and revenue came to $11.96 billion, compared to expectations of only 11.30 billion.

It is worth noting that Tesla’s net income amounted to $1.14 billion according to GAAP standards, exceeding – for the first time – the value of $1 billion, knowing that net income during the same quarter a year ago was $104 million.

Tesla collected $10.21 billion in total revenue from its auto division, of which $354 million, or 3.5%, came from sales of regulatory credit, the lowest for the company of the previous four quarters, while the gross profit margin for cars reached 28.4%, which is the highest percentage the company has witnessed during the past four quarters.

In its results report for the quarter ended June 30, 2021, Tesla announced production of 206,421 vehicles and delivered approximately 201250 electrified vehicles, where the latter figure can be considered the approximate value of sales, and added its combined revenue of $801 million from its energy business, which includes solar cells and energy storage systems for homes, projects and utilities, which represents a 60% growth in revenue compared to the previous quarter, and the company also announced that it raised $951 million from the services sector and several other sources of revenue.

During the quarter, Tesla faced a fierce response from consumers in China, to read more [Tesla Shares Fall After Reports of Sales Decline in China], and had to recall some of its vehicles in China and the United States in addition to suffering from delays in shipments.

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