Elon Musk’s bold electrical automobile firm scored about twice the earnings within the just-finished quarter as that of the year-ago interval.
In latest weeks, Musk has made headlines over his withdrawal from a $44-billion acquisition of Twitter, which has spurred a lawsuit from the social media large.
Although earnings topped estimates, they lagged behind these within the first quarter, the primary sequential revenue drop since late 2020, coinciding with a fall in automotive revenue margins as a result of rising prices.
Revenues had been up 42 p.c at $16.9 billion, however beneath the $17.1 billion projected by analysts.
The firm cited the drag from Shanghai, the place the manufacturing facility was totally closed throughout a part of the quarter. But Tesla mentioned it completed the quarter with “a report month-to-month manufacturing degree” after the China restart.
It characterised provide chain challenges as an ongoing headache, although, saying manufacturing facility shutdowns, labor shortages, logistics and different points “restricted our skill to persistently run our factories at full capability.”
During the quarter, Tesla liquidated about 75 p.c of its holding of bitcoin, the worth of which has declined sharply in 2022.
Shares of Tesla rose 1.9 p.c to $756.63 in after-hours buying and selling.