Tesla's Q2 Profits Fall Double Digits, Missing Expectations
Tesla's Q2 total revenue increased by 2%, with energy business revenue doubling and hitting new highs, while automotive revenue fell by 7%. EPS and net profit both dropped by over 40%. Revenue from carbon credit sales doubled quarter-over-quarter to a record $890 million.
Tesla still expects the Cybertruck to be profitable by the end of this year and forecasts positive quarter-over-quarter growth in automotive production for Q3. Affordable models and other new cars are expected to go into production in the first half of next year. The company remains focused on cost-cutting across the board, accelerating the development of AI products and services. The deployment of Robotaxi depends on technology and regulatory factors, with Musk confirming that its launch has been delayed to October.
In after-hours trading, Tesla's stock fell over 8%.
Tesla still expects the Cybertruck to be profitable by the end of this year and forecasts positive quarter-over-quarter growth in automotive production for Q3. Affordable models and other new cars are expected to go into production in the first half of next year. The company remains focused on cost-cutting across the board, accelerating the development of AI products and services. The deployment of Robotaxi depends on technology and regulatory factors, with Musk confirming that its launch has been delayed to October.
In after-hours trading, Tesla's stock fell over 8%.
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