The electric car manufacturer Tesla has published the results of the last quarter. Although the income grew somewhat and exceeded expectations, the profits were shrinking and disappointing. After the trading session, the company's shares fell: Tesla 234.80 (-4.70%) .
During the second quarter of this year, the mentioned electric car manufacturer's total revenue reached 25.5 billion. dollars, or two percent more than a year ago during the same period. The market expected them to amount to an average of 24.77 billion. dollars. Meanwhile, revenue from car sales shrank by seven percent.
Compared to the second quarter of 2023, Tesla's production volume of electric cars fell by fourteen percent, and deliveries to customers by five percent.
Adjusted EBITDA profit of this company from the American quarter during the comparative period decreased by twenty-one percent to 3.674 billion. dollars, and here is the net profit even more – by almost forty-three percent to 1.494 billion. dollars or up to 42 cents per share.
Tesla's adjusted earnings per share were 52 cents, 10 cents below the average analyst estimate.
Tesla remains the most popular electric car seller in the U.S. but is losing market share to a growing number of rivals, in part due to an aging lineup of sedans and SUVs and the impact of evocative and political comments from CEO Elon Musk.
Since the beginning of this year, Tesla shares have fallen by about one percent, and over eight percent in the past one year. By comparison, the Nasdaq rose nearly a fifth and twenty-eight percent, respectively.