"Are You a CEO Interested in a Feature Interview?"
All Interviews are 100% FREE of Charge
Elon Musk, CEO of SpaceX and Tesla and owner of X, speaks during the Milken Conference 2024 Global Conference Session at the Beverly Hilton in Beverly Hills, California, USA, May 6, 2024.
David Swanson | Reuters
Tesla The company reported weaker-than-expected second-quarter profit as auto sales fell for a second straight quarter. Its shares fell more than 2% in after-hours trading.
- Earnings per share: LSEG’s consensus forecast was 52 cents adjusted, versus 62 cents expected.
- Revenue: $25.5 billion vs. LSEG’s forecast of $24.77 billion
Tesla said its revenue increased 2% from $24.93 billion in the same period last year. Investor Deck However, auto sales fell 7 percent to $19.9 billion from $21.27 billion in the same period last year. Auto sales included regulatory credits of $890 million, more than triple last year’s figure.
The company said it “reported record regulatory credit revenue in the second quarter,” noting that other automakers “remain lagging behind in meeting emissions standards.”
Tesla has been in a turbulent position in the first half of the year, when it was forced to cut more than 10% of its workforce, but earlier this month it reported that second-quarter shipments had exceeded expectations. However, shipments remained below the same period last year for the second consecutive quarter.
Tesla continues to sell a staggering number of electric vehicles in the U.S., but it is struggling with an aging lineup of sedans and SUVs and CEO Elon Musk’s Incendiary And political commentary.
Tesla shares are down about 0.5% this year as of Tuesday’s close, while the Nasdaq is up about 20% in that period.
Rival automakers saw U.S. sales of fully electric vehicles increase 33% year-over-year in the first half of 2024, while Tesla’s sales fell 9.6% in the same period, according to data tracked by Cox Automotive. Reported by InsideEVs.
Tesla’s second-quarter net profit fell 45 percent to $1.48 billion, or 42 cents a share, from $2.7 billion, or 78 cents a share, a year earlier.
Tesla’s energy generation and storage business, which sells and installs large backup batteries for residential, commercial and public use, saw revenue nearly double from the same period a year ago to just over $3 billion. The company said its Megapacks and Powerwalls “drove record adoption” in the period.
Musk and other executives are scheduled to host a conference call with analysts at 5:30 p.m. ET to discuss the results.
This is breaking news, follow us here for the latest updates.