Profit more than tripled to $1.45 a share on an adjusted basis, swelling as vehicles sales rebounded from pandemic shutdowns last year, the Palo Alto, California-based automaker said Monday. That beat the 97-cent average of analysts’ estimates and marked the eighth straight quarter of profit for Tesla.
“It puts them down the path of being the best in class automotive company from a margin perspective,” analyst Ben Kallo of Robert W. Baird said after the results were announced. “I don’t think anyone expected this big of a beat, but with aShares of Tesla rose as much as 3.2% to $678.40 in after market trading. They gained 2.2% to $657.62 at the close in New York.
“The global chip shortage situation remains quite serious,” Musk said on the call. “It does seem like it’s getting better, but it’s hard to predict.”Tesla’s second-quarter revenue almost doubled to $11.96 billion in the April through June period, beating analysts’ estimates of $11.36 billion. Income from the sale of regulatory credits — used by other automakers to offset greenhouse gas emissions — totaled $354 million, down from $518 million in the first three months of the year.
Tesla pushed back the start date for its Semi Truck, first unveiled in 2017, yet again to next year. Production of its highly anticipated Cybertruck pickup will follow the Model Y in Austin, but Tesla didn’t provide further details.
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