Tesla Announces Second-Quarter Results, Sells 75% of Bitcoin Holdings
Jul 21, 2022 By MarketDepth
Tesla releases Q2 earnings, which met analyst expectations after issues at its Shanghai facility. The company also announced that it has sold 75% of its bitcoin holdings, adding $936 Million to its cash reserves.
Tesla shares are trading 9% higher intraday after releasing quarterly earnings.
The important numbers from the news release are revenue coming in at $16.9 Billion vs $16.88 Billion expected and adjusted EPS of $2.27 vs $1.83 expected.
“Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history.”The company announced in a statement
Tesla stated that June was the highest month for vehicle production which means the Shanghai plant is working its way back into full production. This also means that the Austin and Berlin plants are continuing to ramp up production.