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Tesla Q2: $25.5B Revenue Beats, $0.52 EPS Misses

Jul 23, 2024, 08:11 PM

Tesla Inc. reported its second-quarter 2024 financial results, revealing mixed outcomes. The electric vehicle maker posted a revenue of $25.5 billion, surpassing analysts' expectations of $24.63 billion. However, the company missed earnings estimates, reporting an adjusted EPS of $0.52 and GAAP EPS of $0.42, below the forecasted $0.62. Despite the revenue beat, Tesla's stock declined by approximately 2% in after-hours trading. The quarter's operating income was $1.61 billion, and the gross margin stood at 18%, slightly above the estimated 17.4%. Tesla also highlighted significant growth in its energy storage business, with a record 9.4 GWh of deployments in Q2. The company reaffirmed that its plans for new vehicles, including the Cybertruck, remain on track, with production expected to begin in the first half of 2025. Additionally, Tesla's cash and investments increased by $3.9 billion, reaching $30.7 billion by the end of the quarter. Free cash flow for the quarter was $1.34 billion. Tesla expects a sequential increase in production in Q3.