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Tesla Q2 Earnings Report 2023


Tesla Q2FY23 Earnings: Despite the increase of 47% in Revenues the Stock wavers, down by 0.7% after hours

Tesla for Q2FY23 reported an all-time high quarterly revenue of $24.93 billion as compared to $16.93 billion up by 47% Year-over-Year (YoY) and about a 6.5% increase sequentially. The growth in revenues was owing to the growth in vehicle deliveries for the quarter. Furthermore, Tesla's Model 3 sedans and Model Y crossover SUVs accounted for the vast majority of sales. (Source: Tesla)

On the contrary, the company's operating profit margins dropped to 9.6% Vs 14.6% same period last year, down by 493 Bps. The margins were at the lowest level in the past five quarters due to price cuts and incentives. The automaker explained in the shareholder's deck that the lower margins in Q2 resulted from reduced average sales prices “due to mix and pricing” of the cars it has been selling, and the cost of ramping up production of battery cells it designed in-house, known as the 4680 cells, among other factors. (Source: Tesla)

Moreover, the Total gross margin came in at 18.2% down from 25% in Q2 2022 and down from 19.3% last quarter. (Source: Tesla)
The EV automaker posted a net income with an increase of 20% on a YoY basis from $2.259 billion to $2.7 billion. The Earnings Per Share (EPS) rose 20% to 91 cents. However, the company's operating income fell by 3% YoY to $2.40 billion. (Source: Tesla)

On July 2, 2023, Tesla posted 466,140 deliveries for the second quarter up by 83% and production of 479,700 vehicles partly driven by incentives and discounts. (Source: Tesla News)

The company's Supercharger stations increased by 33% in Q2 to 5,265 and 48,082, respectively. Tesla has been opening its network to other automakers in recent months. Source: Tesla)

During the Earnings call, the company said that they aim to target 1.8 million vehicle deliveries this year, but expect Q3 production will be a little bit down because they have got summer shutdowns for a lot of factory upgrades. (Source: TechCrunch)

Following the initial report, the stock price remained flat but began to drop during the earnings call as Elon Musk and other executives failed to provide exact specifications and delivery dates for the Cybertruck. (Source: CNBC)

Tesla shares fell during the earnings call as Elon Musk commented that concerns about falling profit margins will be rendered irrelevant once Tesla achieves fully autonomous driving. (Source: CNBC)

Following the close of trading on July 19, Tesla stock dropped 5% in after-hours trades to close at $291.26 down by 0.7%. (Source: TechCrunch)

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