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Tesla Results Beat in Q2 Amid Record Deliveries, Cost Cuts

Stock MarketsJul 26, 2021 04:09PM ET
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© Reuters. Tesla Earnings, Revenue Beat in Q2

By Yasin Ebrahim

Investing.com - Tesla (NASDAQ:TSLA) reported Monday blowout second-quarter earnings as record deliveries and cost-cutting measures bolstered results.

Tesla shares gained 3.5% in after-hours trade following the report.

Tesla announced earnings per share of $1.45 on revenue of $11.96 billion. Analysts polled by Investing.com anticipated EPS of 93 cents on revenue of $11.53 billion.

Regulatory credit revenue fell 17% to $354 million.

Earlier this month, Tesla reported deliveries of 201,250 electric vehicles, and production of 206,421 total vehicles, during the quarter ending June 30.

Vehicle average selling price declined by 2% year-on-year, but automotive margins continued to improve, rising to 28.4% in Q2 from 26.5% in Q1, and up 298 basis points from the same period a year earlier.

"In the second quarter of 2021, we broke new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in our history," the company said.

The company's foray into bitcoin proved a drag in the second-quarter, as the slump in the price of the popular crypto since its May record high, led to $23 billion impairment.

Tesla flagged the ongoing shortage in chip supply during the quarter. "Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2."

Looking ahead, component supply will take added importance at time when EV demand remains at record levels. "With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year," Tesla added.

A slew of headwinds including increasing electric vehicle competition, China safety issues negatively impacting demand, and the chip shortage have weighed on the share price this year, Wedbush said ahead of the Tesla's quarterly report. "With all of these headwinds, Tesla still impressively hit 200k+ deliveries in the June quarter and appear to be on a trajectory to possibly hit 900k for the year with a stronger 2H on the horizon in our opinion."

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Tesla Results Beat in Q2 Amid Record Deliveries, Cost Cuts
 

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Comments (9)
michael brennick
michael brennick Jul 27, 2021 8:08AM ET
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ohhh baby..Elon love you long time
Steven Jacobs
Steven Jacobs Jul 27, 2021 1:04AM ET
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Haha Bears. Suffer !
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 26, 2021 7:51PM ET
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Garbage company
Alan Szczodry
Alan Szczodry Jul 26, 2021 6:32PM ET
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worth $50 cost $600 buahahahs
Alan Szczodry
Alan Szczodry Jul 26, 2021 6:32PM ET
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to be more specific worth $150 cost $660
Bill Ackman
Bill Ackman Jul 26, 2021 5:45PM ET
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Tesla will come crashing down when this bubble pops and tesla is the leader of thos bubble…In the second half tesla sales will be down if theres no more government extra stimulus
Axel Hippocrate
Axel Hippocrate Jul 26, 2021 4:54PM ET
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this dude was gambling with his shareholders money
Mike ND
Mike ND Jul 26, 2021 4:54PM ET
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This isnt a chinese company he told his shareholders about his crypto purchases
Thuan Bui
Thuan Bui Jul 26, 2021 4:54PM ET
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and the world so he can manipulate them into buying it to drive his price up. Corruption is ok if it's transparent and in your face... free market economy my *** #maga
Jisoo Yun
Jisoo Yun Jul 26, 2021 4:39PM ET
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million impairment not billion
Ying Yu
Ying Yu Jul 26, 2021 4:32PM ET
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It is not a good sign. Dump is beginning
Minna Andreasen
Minna Andreasen Jul 26, 2021 4:32PM ET
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Which part is not a good sign?
TMv euj
TMv euj Jul 26, 2021 4:32PM ET
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200k deliveries in 2Q... value of this company is 5x bigger than other car maker companies with 1m+ deliveries in 2q.... overvalued bubble
plast plastov
plast plastov Jul 26, 2021 4:32PM ET
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TMv euj  Did you driven Tesla? Much much better and comfortable than BMW and Mercedes.
Michael Crowley
Michael Crowley Jul 26, 2021 4:32PM ET
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Are you joking? They are plastic crud
Jul 26, 2021 4:21PM ET
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And how much came from gambling with Crypto dear Mr Enron Musk?
Minna Andreasen
Minna Andreasen Jul 26, 2021 4:21PM ET
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“The company's foray into bitcoin proved a drag in the second-quarter, as the slump in the price of the popular crypto since its May record high, led to $23 billion impairment.”
 
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