Tesla reported its financial data for the second quarter of the year, and its profit was lower than expected, as car sales fell in that quarter.
In particular, the company announced a 2% increase in revenue to $25.50 billion from $24.93 billion a year earlier, while analysts were expecting revenue of $24.77 billion.
However, auto sales fell 7% to $19.9 billion from $21.27 billion in the same quarter a year earlier.
The company reported better-than-expected second-quarter deliveries earlier this month. However, deliveries were still down from a year earlier for the second consecutive period.
The company’s adjusted earnings came in at 52 cents per share, compared with the 62 cents analysts were expecting.
Tesla’s net income fell 45% to $1.48 billion, or 42 cents per share, in the second quarter, from $2.7 billion, or 78 cents per share, a year earlier.
Revenue at Tesla’s energy generation and storage business, which sells and installs large backup batteries for home, commercial and utility use, nearly doubled from the same quarter a year earlier to just over $3 billion.
However, the company reiterated that it sees a “significantly lower” growth rate for 2024.
Source: www.autoblog.gr
