This photo of a production version of Tesla’s Model Y was included in the company’s Q4 2019 earnings report.
Here’s how Elon Musk’s electric car and renewable energy business did, versus analysts’ expectations, according to estimates compiled by Refinitiv.
- Earnings: $2.18 (ex-items) vs. 3 cents per share, expected.
- Revenue: $6.04 billion vs. $5.37 billion, expected.
- Net income: $104 million (GAAP)
Tesla also reported its first full year of profitability on a GAAP basis, which means it can now be considered for inclusion on the S&P 500 index.
Refinitiv compiled data from 16 analysts whose estimates varied widely, from losses of $2.53 per share to earnings of $1.45 per share for Tesla, and from revenue of $2.78 billion on the low-end to $6.18 billion on the high-end for the second quarter.
Automotive revenue declined by 4% year-over-year for Tesla from $5.38 billion to $5.18 billion, despite the company adding a new crossover SUV to its lineup, the Model Y, and opening a new plant in Shanghai in the past year.
In the year-ago quarter, Tesla reported $111.2 million in revenue from regulatory credits. That number nearly tripled to $428 million in regulatory credits in the second quarter of 2020.
At this time last year, Tesla’s shares were trading around $260. Now, they’re trading above $1,500, making the company the most valuable auto-maker in the U.S. by market cap.
During the period ending June 30, 2020, Tesla grappled with the effects of the Covid-19 pandemic and widespread civil rights protests on its employees, customers and U.S. factory operations, especially.
The company also achieved better-than-expected second-quarter vehicle production and delivery numbers, sending Tesla’s stock price soaring. In July, Tesla shares have risen more than 50% so far, adding to the stock’s more than threefold increase for the year to date.
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