Check Tesla (TSLA) releases Q2 2022 financial results: Surpasses Expectations
Today, Tesla (TSLA) issued its second-quarter financial results and shareholders letter to investors.
As soon as we have the financial figures, shareholders’ letter, and details from the conference call, we will add them to this site. For the most up-to-date information, check back.
expectations for Tesla’s Q2 2022 earnings
Wall Street expected revenue of $16.521 billion and earnings per share of $1.81 for the current quarter.
Due to the forced shutdown of the Gigafactory in Shanghai, Tesla’s estimated quarter-to-quarter drop is roughly 250,000 deliveries instead of the expected 300,000 deliveries.
Tesla’s second-quarter 2022 earnings report
Tesla announced its financial results shortly after the market closed, and the company stated that, despite a challenging quarter, it was able to outperform expectations on profitability and revenue.
A total of $16,934 billion in revenue was disclosed by the automaker, which is $400 million more than Wall Street predicted, and earnings per share of $2.27 (non-GAAP versus $1.81 expected by Wall Street)
During the quarter, Tesla was able to raise its cash balance to $18.3 billion, an increase of $0.8 billion.
In spite of the difficulties faced throughout the quarter, the automaker emerged victorious with a solid operational gross margin:
“We continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history.”
The automotive gross margin has dropped for the first time in a long time, although it is still one of the finest in the business at 27.9%.
Shares of Tesla rose as high as 4% in the final trading session of the day’s session.