Tesla Earnings Report Q2 2024
Tesla Q2 2024 Earnings: Tesla Shares Plunge 8% on Weaker Earnings
Tesla for the second quarter of 2024 reported revenue of $25.5 billion increased by 2%, up from $24.93 billion the previous year. The increase of 2% in revenues was due to the growth in the Energy Generation and Storage business, Cybertruck deliveries, and growth in Services and Other segments.
On segmental revenue, Automotive revenue dropped 7% to $19.9 billion, down from $21.27 billion in the same quarter a year ago. This figure includes $890 million in regulatory credits, more than triple the amount from last year.
Revenue in Tesla's energy generation and storage business, which sells and installs large backup batteries for residential, commercial, and utility use, reached $3.014 billion up by 100% on a YoY basis. The company reported that its Megapack and Powerwall "achieved record deployment" during this period.
Moreover, Services and other segments reported revenue of $2.61 billion up by 21% same period last year.
Tesla's net income fell 45% to $1.48 billion, or 42 cents per share, in the second quarter, down from $2.7 billion, or 78 cents per share, a year earlier.
Apart from this, the company reported "record regulatory credit revenues in Q2," attributing this to other automakers "still being behind on meeting emissions requirements."
Despite a challenging first half of the year, during which Tesla cut more than 10% of its workforce, the company announced better-than-expected deliveries for the second quarter earlier this month. However, deliveries remained lower than the same period last year for the second consecutive quarter.
In his opening remarks on 23rd July's earnings call, CEO Elon Musk announced that Tesla will unveil its robotaxi on October 10, a change from the initially planned August 8 event.
Moreover, production of Tesla's next-generation Roadster sports car is scheduled to begin next year, Musk announced during a conference call with investors on 23rd July.
Tesla remains the leading seller of electric vehicles in the U.S., but its market share is declining due to increasing competition and its ageing lineup of sedans and SUVs, as well as the impact of Musk's controversial and political remarks.
In the recent quarter, Tesla provided discounts and incentives, including subsidized financing deals, in China and the U.S. to boost demand. These incentives affected the company's profitability, with its adjusted earnings margin dropping to 14.4% from 18.7% in the second quarter of 2023.
On 23rd July, Tesla shares dropped 8% in extended trading after the company reported profits that fell short of expectations, reflecting challenges in the weakened electric vehicle market.
Visit Us: https://graniteshares.com/institutional/uk/en-uk/
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Sources:
1. Tesla
2. CNBC
3. Yahoo
Tesla for the second quarter of 2024 reported revenue of $25.5 billion increased by 2%, up from $24.93 billion the previous year. The increase of 2% in revenues was due to the growth in the Energy Generation and Storage business, Cybertruck deliveries, and growth in Services and Other segments.
On segmental revenue, Automotive revenue dropped 7% to $19.9 billion, down from $21.27 billion in the same quarter a year ago. This figure includes $890 million in regulatory credits, more than triple the amount from last year.
Revenue in Tesla's energy generation and storage business, which sells and installs large backup batteries for residential, commercial, and utility use, reached $3.014 billion up by 100% on a YoY basis. The company reported that its Megapack and Powerwall "achieved record deployment" during this period.
Moreover, Services and other segments reported revenue of $2.61 billion up by 21% same period last year.
Tesla's net income fell 45% to $1.48 billion, or 42 cents per share, in the second quarter, down from $2.7 billion, or 78 cents per share, a year earlier.
Apart from this, the company reported "record regulatory credit revenues in Q2," attributing this to other automakers "still being behind on meeting emissions requirements."
Despite a challenging first half of the year, during which Tesla cut more than 10% of its workforce, the company announced better-than-expected deliveries for the second quarter earlier this month. However, deliveries remained lower than the same period last year for the second consecutive quarter.
In his opening remarks on 23rd July's earnings call, CEO Elon Musk announced that Tesla will unveil its robotaxi on October 10, a change from the initially planned August 8 event.
Moreover, production of Tesla's next-generation Roadster sports car is scheduled to begin next year, Musk announced during a conference call with investors on 23rd July.
Tesla remains the leading seller of electric vehicles in the U.S., but its market share is declining due to increasing competition and its ageing lineup of sedans and SUVs, as well as the impact of Musk's controversial and political remarks.
In the recent quarter, Tesla provided discounts and incentives, including subsidized financing deals, in China and the U.S. to boost demand. These incentives affected the company's profitability, with its adjusted earnings margin dropping to 14.4% from 18.7% in the second quarter of 2023.
On 23rd July, Tesla shares dropped 8% in extended trading after the company reported profits that fell short of expectations, reflecting challenges in the weakened electric vehicle market.
Visit Us: https://graniteshares.com/institutional/uk/en-uk/
Capital at Risk | For Professional Clients Only
Sources:
1. Tesla
2. CNBC
3. Yahoo
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