Tesla reported Monday an eye-popping $1.14 billion in net income in the second quarter, results that blew past analyst expectations and marked the first
Tesla reported Monday an eye-popping $1.14 billion in net income in the second quarter, results that blew past analyst expectations and marked the first time the company’s quarterly profit (on a GAAP basis) has passed the three-comma threshold. The results pushed shares up more than 2.2% in after-hours trading.
Tesla was able to beat expectations and log its eighth straight quarter of profitability even as it grappled with supply chain challenges and losses stemming from its bitcoin investment. Operating income was $1.3 billion, which increased year over year from $327 million, due to volume growth and cost reduction, the company said. Those positive results were partially offset by an increase in operating expenses, supply chain challenges, lower regulatory credit revenue and the aforementioned bitcoin-related impairment of $23 million.
Earlier this month, Tesla reported its produced 206,421 vehicles in the second quarter. Of those, the company delivered 201,250 vehicles, nearly 9% more than the first quarter of 2021.
So Tesla may sell 800k - a million cars this year.