TeslaThe company reported results for the second quarter of fiscal 2021 after trading on Monday, when revenue and profit exceeded market expectations.
According to the financial report, Tesla's second-quarter revenue was $11.96 billion, and the market expected $11.299 billion, compared with $6.036 billion in the same period last year; adjusted earnings per share were $1.45, market estimates were 97 cents, and 44 cents in the same period last year; and net profit was $1.142 billion, exceeding $1 billion for the first time, a tenfold increase over the same period last year. The market is expected to be $648 million, compared with $104 million in the same period last year.
Tesla said the company's second-quarter auto revenue was $10.206 billion, compared with $5.179 billion in the same period last year, and gross vehicle profit margin was 28.4%, compared with 25.4% in the same period last year. In addition, the company's free cash flow was $619 million in the second quarter, compared with $418 million in the same period last year.
Tesla also said that he recorded a $23 million bitcoin impairment in the second quarter and currently holds net digital assets worth $1.311 billion.
Tesla expects car deliveries to grow by more than 50 per cent this year. In the quarter ended June 30, Tesla reported delivery of 201250 electric vehicles and total production of 206421 vehicles.
The company also said the launch of the Semi truck project was delayed until 2022 due to limited battery supply and challenges in the global supply chain.
Tesla's shares rose more than 1% in after-hours trading after the results were announced, and the company's shares closed up 2.21% at $657.62 on Monday. Tesla's share price has cooled so far this year after hitting an all-time high last year. After soaring 743 per cent in 2020, the company's shares have fallen nearly 8 per cent so far this year.