Tesla reported mixed second-quarter financial results on Wednesday, with the electric vehicle manufacturer's stock falling in after-hours trading despite revenue exceeding Wall Street forecasts. The company's adjusted earnings per share of $0.33 missed the $0.50 analyst estimate, while adjusted EBITDA of $3.27 billion fell short of the approximately $4 billion forecast. Revenue of $28.24 billion surpassed the Bloomberg consensus estimate of $26.32 billion, supported by vehicle deliveries of 480,126 units that exceeded the 397,466 estimate. Tesla stock closed regular trading at $374.01, down 1.30% from the previous close of $378.93, before declining another 4.13% to approximately $358.55 after-hours. Investors appeared concerned about profitability metrics and capital requirements for expanding the company's Robotaxi, artificial intelligence and humanoid robot operations despite lower-than-expected cash burn.
Tesla Stock Falls 4.13% in After-Hours Trading
Tesla stock ended the regular trading session at $374.01, down 1.30% from the previous closing price of $378.93. The decline accelerated after the company released its quarterly results, with the stock falling another 4.13% to approximately $358.55 in after-hours trading. The share price traded close to $380 earlier in the session before gradually moving lower.
Tesla Reports $28.24 Billion Revenue Against $0.33 Earnings Per Share
Tesla reported second-quarter revenue of $28.24 billion, comfortably above the Bloomberg consensus estimate of $26.32 billion. Revenue increased 26% compared with the same period last year, supported by stronger vehicle deliveries and growth in the company's energy business.
Adjusted earnings per share came in at $0.33, well below the $0.50 analysts had expected. Adjusted EBITDA reached $3.27 billion, compared with Wall Street's forecast of approximately $4 billion. Tesla's cash burn was lower than expected.
Tesla Delivers 480,126 Vehicles in Second Quarter
Tesla delivered 480,126 vehicles during the second quarter, a 25% increase from a year earlier. Deliveries exceeded the Bloomberg consensus estimate of 397,466 vehicles. Energy storage deployments reached 13.5 gigawatt-hours, more than 50% higher than the 8.8 gigawatt-hours reported in the first quarter.
European Registrations More Than Double While US Demand Weakens
Tesla's regional sales performance was mixed. US demand has reportedly been affected by the expiration of the federal electric vehicle tax credit, with Cox Automotive forecasting a 20% decline in domestic Tesla sales. Registrations in Greater Europe increased nearly 108% in May, while European Union registrations more than doubled.
FAQ
What were Tesla's Q2 earnings results?
Tesla reported second-quarter revenue of $28.24 billion, exceeding the Bloomberg consensus estimate of $26.32 billion. However, adjusted earnings per share came in at $0.33, below the $0.50 analyst estimate, and adjusted EBITDA reached $3.27 billion compared with Wall Street's forecast of approximately $4 billion.
How did Tesla stock perform after the Q2 earnings report?
Tesla stock ended regular trading at $374.01, down 1.30% from the previous close of $378.93. After the earnings release, the stock fell another 4.13% to approximately $358.55 in after-hours trading on Wednesday.
How many vehicles did Tesla deliver in Q2?
Tesla delivered 480,126 vehicles during the second quarter, a 25% increase from a year earlier and above the Bloomberg consensus estimate of 397,466 vehicles.
