Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing.
The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla ’s second-straight quarterly net income decline.Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents.
" The company’s energy-storage business took in just over $3 billion in revenue, double the amount in the same period last year.Shares of Tesla fell 4% in trading after Tuesday’s closing bell. The shares had been down more than 40% earlier in the year, but have since recovered most of the losses.Revenue from regulatory credits purchased by other automakers who can’t meet government emissions targets hit $890 million for the quarter, double Tesla’s amount of most previous quarters.
Tesla News Lifestyle Auto Money Us Economy
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla's profit drops 45% in second quarter amid declining sales and price cutsTesla's Q2 net income fell 45% to $1.48B as EV sales dropped 4.8% despite price cuts; revenue rose 2% to $25.5B.
Read more »
Tesla's quarterly profit falls 45% as sales drop despite price cutsTesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing
Read more »
Stifel initiates Tesla stock with a Buy rating, sees 45% upside potentialStifel initiates Tesla stock with a Buy rating, sees 45% upside potential
Read more »
Tesla reports 45% decline in quarterly profitThe company says it remains focused on cost reduction and development of AI-enabled products.
Read more »
Electric Bright Spot Can’t Save Sinking Audi Sales, A4 Plunges 45%Sales of the Audi Q4 Sportback e-tron and Q8 e-tron rose by 30% and 37%, respectively
Read more »
NFT Sales Volumes Crumble By 45% Quarter on Quarter: DataCrypto Blog
Read more »