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- Mixed 2nd-quarter report prompts Tesla stock slide (newsbreak.com)
Tesla announced higher-than-expected revenue of $25.5 billion for the second quarter of 2024, bolstered by $3 billion from its energy division, although its earnings per share did not meet forecasts. Despite challenges in the operating environment, Tesla achieved a milestone in quarterly revenues. The company’s financial disclosure on a Tuesday revealed that it exceeded revenue expectations by approximately $1 billion, primarily due to a significant contribution from its energy subsidiary.
However, the results also highlighted a 4% decline in Tesla’s stock value following the release of the earnings report. The earnings per share stood at 52 cents, missing the anticipated 62 cents and dropping significantly from 91 cents per share the previous year.
Additionally, the first half of 2024 saw Tesla reducing its workforce by 10% and facing lower-than-expected electric vehicle deliveries. Specifically, in the second quarter, Tesla delivered 443,956 vehicles, a 4.8% decrease from the previous year.
Tesla’s financial performance also outlined a growth in its energy storage business, with a record 9.4 gigawatt-hours of deployments, contributing to the segment’s record revenues and profits. Meanwhile, overall vehicle production surpassed expectations despite a reduction in deliveries and lowered selling prices impacting profitability.
Comparatively, the previous year, Tesla reported $24.93 billion in revenue and net income of $2.7 billion, with diluted earnings per share at 78 cents. The company also adjusted its forecast for research and development and restructuring costs, expecting higher expenses compared to the prior year.
Tesla’s recent announcements included postponing the launch of its robotaxis and relocating its headquarters from California to Austin, Texas. The second-quarter earnings were disclosed late Tuesday at 5:30 p.m. EDT, following the market’s close.
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- Mixed 2nd-quarter report prompts Tesla stock slide (newsbreak.com)