Tesla Inc update

Data released late on Monday showed that Tesla overcame serious supply chain problems in the most recent quarter, increased profit margins, and pushed revenue higher than Wall Street’s expectations.

The US electric car manufacturer’s share price rose slightly by 1% in after-hours trading because the company reported that despite the severe challenge of restricting production, it has made progress in achieving its profit target.

Revenue was slightly less than US$12 billion, higher than the US$11.2 billion expected by most analysts, an increase of 97% over the same period last year, when the pandemic caused factory closures and hindered its business.

The company’s most important automotive business gross margin reached 28.4%, nearly two percentage points higher than the first three months of 2022. Although its sales regulatory credit revenue was US$354 million, which was less than US$514 million, it still achieved growth in the previous quarter.

Tesla has announced strong Although new car deliveries in the second quarter Supply chain issues And suffered setbacks in China. The company said on Monday that deliveries reached 201,304 vehicles, higher than previous estimates and most analysts’ forecasts of 195,000-200,000 vehicles.

As Tesla benefited from higher sales and controlled its operating costs, operating profit tripled from the previous year, reaching $1.3 billion. Despite paying $176 million in fees to reflect what the company said may be paid under CEO Elon Musk’s stock compensation plan, progress has been made, reflecting the company’s possible achievement of new performance targets .

The latest data includes $23 million in impairment charges for Bitcoin held by Tesla, reflecting the decline in cryptocurrency prices at the end of the second quarter. When the price rises, the company will not revalue its bitcoin holdings upwards, which means that its income statement will not reflect the strong rebound that has just formed, unless it actually liquidates part of its holdings.

Net income increased from 140 million U.S. dollars or 10 cents per share the previous year to 1.14 billion U.S. dollars, or 1.02 U.S. dollars per share. According to Wall Street’s assessment of the company, the company excludes stock-based compensation, and Tesla’s earnings per share reached $1.45, compared with analysts’ forecast of 96 cents.

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