Tesla has published their Q2 2023 financial results this afternoon and posted some stronger than expected revenue and earnings figures after producing and delivering a record number of vehicles from April to June.
Earnings per Share
Tesla posted $0.91 non-GAAP earnings per share in Q2, ahead of the consensus estimate of $0.80.
Tesla had a strong quarter in terms of revenue, growing 47% year-over-year (YoY), recording $24.93 billion in Q2. This was slightly ahead of the $24.9 billion estimate by analysts, and also a quarter-over-quarter (QoQ) increase from $23.33 billion in Q1 2023.
Tesla posted a $3.14 billion GAAP operating income in Q1. Overall, the company posted a GAAP automotive gross margin of 18.2%, which was a small and expected dip from the 19.3% margins recorded in Q1.
The company had this to say on their performance in Q2 2023.
Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single quarter. We are excited that we were able to achieve such results given the macroeconomic environment we are currently in.
Our operating margin remained healthy at approximately 10%, even with price reductions in Q1 and early Q2. This reflects our ongoing cost reduction efforts, the continued production ramp success in Berlin and Texas and the strong performance of our Energy and Services & Other businesses.
Tesla (TSLA) shares have remained fairly steady and is trading up less than 1% in after hours trading at the time of publication.
Stay tuned for more updates.
You can read the full report below.TSLA-Q2-2023-Update