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Tesla Reports Q2 2024 Earnings: Beats Revenue Expectations, Misses on Earnings

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2 months ago

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Tesla has just released its financial results for the second quarter of 2024, and the figures are creating quite a buzz. The report came out after the market closed today, and fans and investors are eager to see how the company performed.

According to Wall Street‘s expectations, analysts were predicting Tesla would bring in about $24.38 billion in revenue with earnings of $0.61 per share. However, it appears that the company’s results tell a different story.

In its latest announcement, Tesla confirmed that it did miss expectations on earnings, reporting only $0.52 per share. On the bright side, it exceeded revenue expectations by generating an impressive $25.5 billion during the last quarter.

This $1 billion revenue increase can be largely attributed to the significant contributions from Tesla’s energy division, which reported $3 billion in revenue. This surge comes after record deployments of energy storage solutions, demonstrating that the energy sector is booming.

In their statement, Tesla highlighted that they achieved record quarterly revenues despite facing a challenging operating environment. They reported a remarkable growth in their Energy Storage division, achieving 9.4 GWh of deployments and setting new records in revenue and gross profits for that segment.

Additionally, Tesla noted a rebound in vehicle deliveries during Q2, spurred by improved consumer sentiment and attractive financing options aimed at easing the impact of high interest rates. The report also mentions record regulatory credit revenues, which have come as other automakers struggle to meet emissions requirements.

Following the earnings announcement, Tesla’s stock saw a slight decline, dropping as much as 5% in aftermarket trading. Investors appear to be reacting to the mixed results, particularly the earnings miss.

The company’s shareholders should keep an eye on future updates as Tesla continues to navigate the complexities of the automotive and energy markets.

Rachel Adams

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