Tesla reported second-quarter earnings above Wall Street projections, defying expectations. $TSLA said it earned $2.3 billion, or $1.95 a share, in the second quarter, compared with $1.1 billion, or $1.02 a share, in the second quarter of 2021.
Tesla Inc. late Wednesday reported second-quarter earnings above Wall Street projections, defying expectations that COVID-related shutdowns in China would hurt its bottom line, thanks to vehicle price increases and selling of most of its Bitcoin.
Analysts polled by FactSet expected Tesla to report adjusted earnings of $1.81 a share on sales of $16.5 billion. Tesla ended the quarter with $18.9 billion in cash and equivalents. It said it converted about 75% of its bitcoin BTCUSD, -0.71% purchases into what it called “fiat currency.” Conversions in the quarter added $936 million of cash to the balance sheet, the company said.
The pace of production in the two factories will be “influenced by the successful introduction of many new product and manufacturing technologies in new locations and ongoing supply-chain related challenges. Factory ramps take time” and these two will be no different, Tesla said.
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