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Tesla earnings fall on hit from China Covid surge

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Lockdowns caused by the Covid surge in China caused sales and profits to fall at Tesla compared to the first three months of the year, the first time since the pandemic surfaced in early 2020 that the company did not report a record profit.

Tesla reported adjusted income of $2.6 billion in the second quarter, down from the $3.7 billion in the first quarter, but $1 billion more than it earned a year earlier. Revenue of $16.9 billion in the quarter fell 10% from the first quarter, but was up 42% from a year ago.Earnings were better than forecast by analysts surveyed by Refinitiv, while revenue was slightly below expectations.

Lockdowns across China also brought sales in the country, the largest market for car sales, to a near halt and disrupted the flow of parts from suppliers whose plants were shut down by Covid measures.Tesla did open a factory in Texas early in the quarter and another in Germany in late March.

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Well, this is surprising.

We going to shake back CHINA ATTICZ!!.

Covid surges dont cause lockdowns, governments cause lockdowns. How in the world is a pathogen going to send cops to shut down businesses?

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Source: WSJ - 🏆 98. / 63 Read more »