Tesla Q2 2023 Earnings Report: Profitable Again, Beat Expectations

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Tesla just released its Q2 2023 earnings report and the numbers are solid. Tesla again turned a profit, which makes that fifteen quarters in a row in which Tesla has reported a profit. Tesla even managed to beat expectations last quarter.

Quarterly Revenue and Profit per share (EPS)

The main financial details from the Q2 2023 report are as follows:
$ 24.93 billion in revenue
$ 0.91 profit per share (Non-GAAP)
And here's what Tesla was expected to report, according to analysts.
Profit per share: ~ $0.80 to $0.87 per share
Revenue: ~ $24.22 billion to $22.83 billion
As you can see, Tesla beat both profit and revenue expectations.

Tesla's Q2 2023 Financial Report

Quarterly Net Income

Net income (GAAP) was $2.70 billion, an increase of 20% from last year. By way of comparison, during the first quarter of 2023, Tesla reported net income of $2.51 billion on revenue of $23.33 billion. During the second quarter last year, Tesla reported net income of $2.27 billion on $16.93 billion in revenue.

Typo error: Quarterly net income should be $2.7B not $3.7B

Quarterly Revenue by segment

Revenue from Tesla's core automotive business rose 46% year-over-year to $21.27 billion, about a 6.5% increase sequentially. Its energy generation and storage revenue -- from solar installations, and backup batteries — rose 74% year-over-year to $1.51 billion. With more vehicles on the road, Tesla's "services and other" revenue, including fees for out-of-warranty vehicle repairs, rose 47% to $2.15 billion.