Tesla Reports Record Net Income During Q2, Ten times from a Year Ago.

Tesla- net-income-for-Q2.

Tesla reported second-quarter earnings on Monday, and it has exceeded all expectations. Shares rose by almost about 2% after-hours. The results according to Refinitiv, are as below:

Earnings: $1.45 versus 98 cents per share expected

Revenue: $11.96 billion versus $11.30 billion expected

Tesla reported a $1.14 billion net income for the second quarter, and this is the first time the company has surpassed $1 billion. Last year in the same quarter, net income was $104 million.

Overall  $10.21 billion of automotive revenue came in, of which $354 million came from sales of regulatory credits.

Tesla had reported deliveries of 201,250 electric vehicles, and production of 206,421 total vehicles, in the quarter that was ended on June 30, 2021.

Tesla reported $801 million in revenue from its business in energy resources, increasing higher than 60% from the first quarter.

The company also reported $951 million from services and other revenues. Tesla now operates almost 600 stores and service centers and a mobile service fleet including 1,091 vehicles, an increase of 34% compared to a year ago. That compares with a rise of 121% in vehicle deliveries year over year.

A $23 million of bitcoin holdings was reported as an expense under the category of ‘Restructuring and other.’

Tesla’s cash position is decreased about 5% from the previous quarter to $16.23 billion.

The amount of money the company owes to suppliers and other service providers increased by 13.7% from the last quarter to $7.56 billion.

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