Tesla Earnings – Revenue Up, Margins Down – for the first time since the pandemic surfaced in around March 2020, Tesla did not report a record profit mainly due to lockdowns caused by the Covid surge in China.
Sales and Profits fell in the company compared to the first three months of the year, as Tesla reported earnings of $2.27 per share on $16.93 billion in revenue for Quarter 2 2022, and margins for automotives decreased from the first quarter and YoY a year ago, impacted mainly by inflation and more competition for EV components.
Tesla shares were up about 1% in after hours trading at around 6 pm Eastern time, as shares rose 0.8% in regular hours trading, closing at $742.50. The stock has posted gains for six consecutive trading sessions, but is down 40% from the highs in the last 52 weeks.
CEO Elon Musk, joined Tesla’s conference call after the earnings release and answered questions, is also fighting to get out of his deal to buy Twitter Inc.
Tesla noted that it continues to make significant progress across the business during the recent quarter of 2022, despite facing challenges such as limited production and shutdowns in Shanghai for the majority of the quarter.
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Read more about Tesla Earnings – Revenue Up, Margins Down here https://techcrunch.com/2022/07/20/tesla-earnings-show-quarterly-decline-in-profits-yoy-growth/