Tesla (TSLA) reported in its quarterly report that during the second quarter it converted 75 percent of its bitcoin holdings into dollars, earning $936 million.
Since the beginning of 2021, the company has invested about $1.5 billion in Bitcoin.
According to Nasdaq, the company reported Q2 earnings of $2.26 billion ($1.95 per share), up from $1.14 billion ($1.02 per share) a year earlier. Operating income was $2.27 per share. Revenue for the period rose to $16.93 billion from $11.96 billion. Earnings of $1.81 per share on revenue of $17.1 billion were previously expected.
Earlier this month, Tesla reported deliveries of 254,695 electric vehicles for the period ending June 30, 2022, up 27% from the same quarter last year, but 18% below Q1 results.
Repeated price increases for electric cars helped cope with higher costs for lithium for batteries and aluminum for the car body and also exceeded projected profits .
When inflation declines, Elon Musk has promised to lower prices.
Tesla expects record growth in the second half of 2022 and believes the goal of an average annual growth rate of 50 percent in car shipments within a few years.
Tesla’s plant in China had a record monthly production rate, and production in Texas and at a new plant in Germany is on the rise, according to the company.
Compared to a year earlier, the company’s gross margin fell to 27.9% amid rising inflation.
Tesla stock is trading at $742.50, having gained 5.91% in 24 hours. The stock has lost 40 percent since its peak last November.
by TradingView
The target price of the analysts recorded an increase of 22.10%, reaching the level of $906.56.
by Investing.com
At the moment, the company’s stock is rated from moderate to strong buy by various analysts based on technical indicators.
Latest News