Tesla Q2 2022 earnings beat expectations

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Credit: @JoeTegtmeyer /Twitter

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…

About Darryn John 5354 Articles
Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca