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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

Tesla earnings meet Q2 expectations, sells 75% of its Bitcoin

Tesla earnings meet Q2 expectations, sells 75% of its Bitcoin
Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide,... Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS
Tesla earnings meet Q2 expectations, sells 75% of its Bitcoin
Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide,... Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS

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Following a protracted COVID-related closure at its Shanghai manufacturing site, Tesla (TSLA) released its Q2 earnings after the bell on Tuesday, exceeding analysts’ expectations.

In addition, the business says to have converted 75% of its Bitcoin holdings into fiat money, bringing in $936 million in cash to its balance sheet. Tesla’s trend of posting record revenue, however, came to a stop during the quarter.

Here are the report’s key figures compared to Wall Street’s predictions, as put together by Bloomberg.

  • Revenue: $16.9 billion vs $16.88 billion expected
  • Adjusted EPS: $2.27 vs $1.83 expected

Following the revelation, shares of Tesla increased by more than 3%.

“Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M, and ended the quarter with the highest vehicle production month in our history,” the company said in a statement.

The revenue of the electric car manufacturer suffered a severe quarter-over-quarter decline in Q2, down from $18.76 billion in Q1 2022, but increased year-over-year from $11.95 billion.

Tesla previously said it manufactured 258,580 vehicles and delivered 254,695 units in the quarter. That is a significant increase over the 206,421 the business constructed and the 201,250 it delivered in Q2 2021, but it is a decrease from the 305,407 it built and the 310,048 it delivered in Q1 this year.

Tesla claims that despite this, it still anticipates a 50% annual rise in vehicle deliveries.

The COVID lockdowns in China, which shut down Tesla’s Shanghai facility, are to blame for the decline in production and delivery. In addition, the plant frequently operated with fewer employees than usual when it was open.

However, Tesla said June was the company’s busiest month for car manufacturing. That indicates that work at Tesla’s Berlin and Austin plants is continuing to ramp up, while the Shanghai plant is on its approach to operating at full capacity, according to Mark Delaney of Goldman Sachs.

Dan Ives, a Wedbush analyst, notes that Tesla is scheduled to produce 1.4 million units in 2022.

Elon Musk, the CEO of Tesla, reportedly informed business management that he had a “very awful feeling” about the economy in the past, according to Reuters.

Rising inflation and borrowing rates may be Tesla’s next major worries, even as production looks to be on the mend.

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