Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Tesla’s quarterly profit surpasses $1 billion

Tesla reported Monday an eye-popping $1.14 billion in net income in the second quarter, results that blew past analyst expectations and marked the first time the company’s quarterly profit (on a GAAP basis) has passed the three-comma threshold. The results pushed shares up more than 2.2% in after-hours trading.

Tesla was able to beat expectations and log its eighth straight quarter of profitability even as it grappled with supply chain challenges and losses stemming from its bitcoin investment. Operating income was $1.3 billion, which increased year-over-year from $327 million, due to volume growth and cost reduction, the company said. Those positive results were partially offset by an increase in operating expenses, supply chain challenges, lower regulatory credit revenue and a the aforementioned bitccoin-related impairment of $23 million.

Supply chain challenges, notably the global shortage of semiconductor chips and congestion at ports, were two factors that affected its business in the second quarter. Tesla noted that it will continue to impact operations and its rate of delivery growth in 2021.

“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,” the company said in its shareholder deck released Monday.

Tesla reported revenue of $11.96 billion, a nearly 100% increase from the $6.04 billion it generated in the second quarter of 2020. Revenue in the second quarter was also higher than last quarter’s total of $10.39 billion. Analysts surveyed by Factset estimated $11.4 billion in revenue and $600 million in profit.

Tesla’s automotive revenue was $10.2 billion in the second quarter. Notably, only $354 million of that automotive revenue came from the sale of regulatory credits, 17% lower than last quarter and the lowest in the past four quarters. Meanwhile, Tesla’s automotive gross margins popped to 28.4%, a historic high for the metric.

Tesla’s Q2 net income of $1.14 billion compared favorably with the $104 million worth net income in the same period last year, a gain just shy of 1,000%. That record-setting number is nearly three times more its Q1 2021 net income of $438 million. Tesla’s adjusted EBITDA in the second quarter was $2.24 billion in the quarter, up from $1.21 billion in the same year-ago period, a gain of roughly 100%.

Quarter-end cash and cash equivalents decreased to $16.2 billion in the second quarter, according to Tesla, which said that decrease was driven mainly by net debt and finance lease repayments of $1.6 billion, partially offset by free cash flow of $619 million.

Earlier this month, Tesla reported its produced 206,421 vehicles in the second quarter. Of those, the company delivered 201,250 vehicles, nearly 9% more than the first quarter of 2021.

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio...
Post a Comment
Read more

How the world’s largest cannabis dispensary avoids social media restrictions

Planet 13 is the world’s largest cannabis dispensary. Located in Las Vegas, blocks off the Strip, the facility is the size of a small Walmart. By design, it’s hard to miss. Planet 13 is upending the dispensary model. It’s big, loud and visitors are encouraged to photograph everything. As part of the cannabis industry, Planet 13 is heavily restricted on the type of content it can publish on Instagram, Facebook and other social media platforms. It’s not allowed to post pictures of buds or vapes on some sites. It can’t talk about pricing or product selection on others.   View this post on Instagram   A post shared by Morgan Celeste SF Blogger (@bayareabeautyblogger) on Jan 25, 2020 at 7:54pm PST Instead, Planet 13 encourages its thousands of visitors to take photos and videos. Starting with the entrance, the facility is full of surprises tailored for the ‘gram. As a business, Planet 13’s social media content is heavily restricted a...
3 comments
Read more

Billionaire clothing dynasty heiress launches Everybody & Everyone to make fashion sustainable

Veronica Chou’s family has made its fortune at the forefront of the fast fashion business through investments in companies like Michael Kors and Tommy Hilfiger . But now, the heiress to an estimated $2.1 billion fortune is launching her own company, Everybody & Everyone , to prove that the fashion industry can be both environmentally sustainable and profitable. There’s no argument about the negative impacts of the fashion industry on the environment. The textiles industry primarily uses non-renewable resources — on the order of 98 million tons per year. That includes the oil to make synthetic fibers, fertilizers to grow cotton, and toxic chemicals to dye, treat, and produce the textiles used to make clothes. The greenhouse gas footprint from textiles production was roughly 1.2 billion tons of CO2 equivalent in 2015 — more than all international flights and maritime shipments combined (and a lot of those maritime shipments and international flights were hauling clothes). The lit...
Post a Comment
Read more