Tesla has posted their Q2 2022 financial results and despite a difficult quarter that saw their production and delivery figures drop compared to the previous quarter, they were still able to post a positive financial report and beat analyst estimates.
Earnings per Share
Tesla beat Wall Street estimates by posting a $2.27 non-GAAP earnings price per share in Q2, compared to a Wall Street consensus estimate of $1.81.
Revenue
Despite the lower volume, Tesla still had a strong quarter in terms of revenue, growing 42% year-over-year (YoY). The automaker recorded $16.93 billion in revenue, ahead of the $16.92 billion estimate by analysts, and far ahead of Q2 2021 which saw $11.9 billion in revenue.
Profitability
Tesla posted a $2.5 billion GAAP operating income with a 14.6% operating margin. Overall, the company posted a GAAP Automotive gross margin of 27.9%. Tesla said their operating income was largely impacted by:
- increased ASP (average selling price)
- growth in vehicle deliveries
- profit growth in other parts of the business
- lower stock-based compensation expense
- higher raw material, commodity, logistics and expedite costs
- higher per unit fixed costs in Shanghai due to shutdowns
- negative FX impact
- Bitcoin impairment
Regulatory Credits
Regulatory credits sold to other automakers was down slightly to $344 million, compared to $354 million in Q2 2021.
This is a developing story, check back for updates…
