Tesla shares are getting cheaper after the publication of quarterly reports – Kommersant

Tesla published the results of the second quarter, which turned out to be record-breaking in a number of indicators and exceeded analysts’ expectations. Revenue for the reporting period grew by 45% compared to the second quarter last year and amounted to a record $24.9 billion, while analysts had forecast $24.47 billion. Earnings per share – $0.91 vs. $0.82 expected. Net profit grew by 20% compared to the same period in 2022 and reached $2.7 billion.

Profits and revenues rose as Tesla cut prices on its models and made other deals that were beneficial to customers. However, for the same reason, the gross margin was 18.2%, while the expected 18.8%. This figure was lower both compared to the first quarter (19.3%) and compared to the fourth quarter of 2022 (24%). Operating profitability has also decreased – by 5% compared to what it was a year ago (9.6%). But thanks to price cuts, Tesla was able to sell a record 466,140 EVs worldwide, nearly double what it sold in the same period a year ago. The company also said it will invest more than $1 billion by the end of 2024 to develop the Dojo supercomputer, which is needed to improve the autopilot system in Tesla models. Dojo is capable of processing huge amounts of data, including videos from Tesla electric vehicles.

Presenting the company’s results and plans, Tesla CEO Elon Musk warned that although the company intends to deliver 1.8 million cars for the whole year, as planned, it expects a decrease in deliveries in the third quarter “taking into account the shutdown of conveyors in the summer for numerous production improvements.” After the publication of the financial statements, Tesla shares, which have grown by almost 170% since the beginning of the year, began to fall in price – by now, the quotes have decreased by almost 6%.

Alena Miklashevskaya