Tesla exceeds earnings expectations – ShareCafe


Like Netflix the day before, Tesla surprised by beating market forecast, another sign that American megatechs are doing well, thank you.

The electric vehicle / battery group has revealed that it has successfully overcome the continuing shortage of computer chips vital for its products and other supply chain issues.

Despite the global chip shortage, Tesla said it was able to record record shipments for the quarter – up 70% last year.

The company weathered the chip crisis better than its competitors, with overall shipments increasing 20% ​​in the September quarter from its previous high in the second quarter, marking the sixth consecutive quarter-to-quarter gain. other.

“We continue to target our first production Model Y builds in Berlin and Austin before the end of the year,” Tesla said in its statement Wednesday afternoon.

The company said revenue reached $ 13.76 billion, up from $ 8.77 billion a year earlier. The market expected sales of around $ 13.63 billion.

The company reported net profit of $ 1.62 billion for the quarter, the second time it has exceeded $ 1 billion in a three-month period. The latest net income was five times higher than the reported US $ 331 million for the September 2020 quarter,

Telsa said the record results were due to improved gross margins of 30.5% on its automotive business and 26.6% overall.

Tesla generated US $ 806 million from its energy business, including solar and energy storage products for homes and utilities, and US $ 894 million from service revenue, including revenue from its package full self-driving.

Tesla delivered 241,300 electric vehicles and an output of 237,823 vehicles in the last quarter, up from 201,250 in the June quarter and a sizable 70% increase from 139,300 deliveries in the previous year quarter.

After advancing 0.18% in regular trading, Tesla stock fell around 0.4% in after-hours trading following the earnings announcement.

Leave A Reply

Your email address will not be published.