The Future Fund Managing Partner Gary Black discusses whether Tesla's 2023 stock rally will last on 'The Claman Countdown.'said Wednesday it recorded $24.93 billion in total revenue in the second quarter. That marked a 47% increase from the same three-month period last year and a nearly 7% lift from the prior quarter. Net income experienced a 19.7% spike compared to 2022’s second quarter, hitting $2.7 billion.For diluted earnings-per-share , Tesla posted $0.91.
The company said it was "focusing on cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow."The company’s operating margin, at 9.6%, had a 493-basis point drop from 2022’s second quarter, a level it said "remained healthy … even with price reductions in Q1 and early Q2.
"This reflects our ongoing cost reduction efforts, the continued production ramp success in Berlin and Texas and the strong performance of our Energy and Services & Other businesses," the company added.came over two weeks after it made available the latest quarterly figures for its vehicle production and delivery.Tesla CEO Elon Musk gets into a Tesla as he leaves a hotel in Beijing May 31, 2023.
Deliveries, meanwhile, jumped 83% year over year and reached roughly 466,100. Tesla delivered nearly 254,700 in the same period in 2022. on an earnings call that Tesla expected production in the coming quarter could "be a little bit down because we’ve got summer shutdowns for a lot of factory upgrades."
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