Tesla reported On Monday, $ 1.14 billion in net income in the second quarter, results that beat analyst expectations and marked the first time the company’s quarterly earnings (on a GAAP basis) exceeded the three-comma threshold. . The results pushed stocks higher than 2.2% in after-hours trading.
Tesla was able to exceed expectations and post its eighth consecutive quarter of profitability even as it grappled with supply chain challenges and losses stemming from its bitcoin investment. Operating profit was $ 1.3 billion, which increased year-over-year from $ 327 million, due to volume growth and cost reduction, the company said. Those positive results were partially offset by an increase in operating expenses, supply chain challenges, lower regulatory credit income, and an aforementioned bitccoin-related impairment of $ 23 million.
Supply chain challenges, particularly the global semiconductor chip shortage and congestion at ports, were two factors affecting its business in the second quarter. Tesla noted that it will continue to impact operations and its delivery growth rate in 2021.
“With global demand for vehicles at record levels, the supply of components will have a strong influence on the growth rate of our deliveries for the remainder of this year,” the company said in its shareholder presentation published Monday.
Tesla reported revenue of $ 11.96 billion, an increase of nearly 100% from the $ 6.04 billion it generated in the second quarter of 2020. Revenue in the second quarter was also higher than the last total. $ 10.39 billion quarter. Analysts surveyed by Factset estimated $ 11.4 billion in revenue and $ 600 million in profit.
Tesla’s automotive revenue was $ 10.2 billion in the second quarter. Notably, just $ 354 million of that auto revenue came from regulatory loan sales, down 17% from the last quarter and the lowest in the last four quarters. Meanwhile, Tesla’s automotive gross margins rose to 28.4%, an all-time high for the metric.
Tesla’s second-quarter net income of $ 1.14 billion compared favorably to net income of $ 104 million in the same period last year, a gain just shy of 1,000%. That record number is nearly three times more than his first quarter 2021 net income of $ 438 million. Tesla’s Adjusted EBITDA in the second quarter was $ 2.24 billion in the quarter, up from $ 1.21 billion in the same period last year, a gain of roughly 100%.
Cash and cash equivalents at the end of the quarter decreased to $ 16.2 billion in the second quarter, according to Tesla, which said the decrease was primarily due to net debt and finance lease repayments of $ 1.6 billion, partially offset by a free cash flow of $ 619 million.
Earlier this month, Tesla reported that it produced 206,421 vehicles in the second quarter. Of these, the company delivered 201,250 vehicles, almost 9% more than the first quarter of 2021.