Net profit in the April-June period was $1.48 billion, compared to $2.7 billion in the same period last year.
American electric vehicle maker Tesla recorded a two percent increase in revenue in the second quarter, amounting to $25.5 billion. While the company’s net income decreased by 45%. This was stated in the company’s presentation to shareholders on July 23.
Net profit in the April-June period was $1.48 billion, compared to $2.7 billion in the same period last year.
Earnings excluding one-time factors came to $0.52 per share, which was worse than the consensus forecast of experts polled by FactSet of $0.61 per share.
Tesla’s quarterly revenue rose to a record $25.5 billion from $24.93 billion a year earlier.
As Bloomberg explained, the decline in revenue reflects increased operating costs for artificial intelligence and other projects, as well as restructuring costs as a result of large job cuts.
Gross margin was 18%, down from 18.2% last year and 17.4% in the first quarter.
Tesla shares fell nearly 7.8% in additional trading Tuesday after the earnings release.
We previously reported that Tesla Inc. shares. has shown rapid growth. Specifically, the company’s share price has jumped 44% over the past 11 days, which is its longest winning streak since June 2023.
The capitalization of American electric vehicle manufacturer Tesla fell by 2.3% to $553 billion, which is why the company dropped to 11th place on the list of the most valuable companies in the United States.
American entrepreneur and founder of Tesla and SpaceX Elon Musk lost the title of the richest man in the world to Amazon founder Jeff Bezos.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.