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Tesla once again defies critics and posts fourth consecutive profit in Q2 2020 [Update]

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Tesla Q2 earnings

Tesla has posted their Q2 2020 financial statement to their website ahead of the earnings call scheduled for later this afternoon at 2:30pm PST.

The figures contained within the report are what Tesla owners and shareholders were hoping for, as the California automaker posted a profit for the first time in four straight quarters.

In March Tesla announced strong sales number of 90,650 (now updated to 90,891) vehicles delivered around the world in Q2. Those numbers were despite the coronavirus pandemic which forced the shutdown of its Fremont factory for two months.

Despite some rocky performances in previous years, Tesla has now steadied the ship and delivered record earnings and consecutive profits to go along with the stronger than expected delivery numbers.

Here are the key figures:

Earnings

Tesla shareholders saw earnings of $2.18 per share versus estimates of $0.03 per share.

Revenue

Tesla reported total revenue of $6.036 billion versus estimates of $5.37 billion

Outlook

Tesla acknowledges in their report the outlook for the remainder of the year is still up in the air, citing the possiblitiy of potential future operational interruptions.

Despite the challenges, the automaker has not changed their target of 500,000 vehicle deliveries in 2020.

Markets responded positively to the news of four consecutive profitable quarters, with shares of Tesla (TSLA) up 7% in after-hours trading.

Tesla shares July 22

You can read the full report here.

Developing story, check back for updates…

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