Tesla’s (NASDAQ:TSLA) second-quarter earnings for 2020 saw the electric car maker post $6.036 billion in revenue, beating/meeting/falling short of estimates from Wall Street. The results, which were discussed at length in an Update Letter, were released after the closing bell on Wednesday, July 22.
Tesla’s second quarter was hit by the pandemic. Yet despite the ongoing pressures from the coronavirus outbreak, Tesla managed to deliver over 90,000 vehicles in Q2, thanks to the Model Y building momentum in the United States and the Model 3 hitting its stride in China.
The following are the key points in Tesla’s Q2 2020 Update Letter.
REVENUE
Tesla reported revenue of $6.036 billion for the first quarter. In contrast, Wall St. expected Tesla to report revenue of $5.146 billion, less than the $5.985 billion that the company reported in the first quarter. In comparison, Estimize, a crowdsourced platform that aggregates estimates from analysts, executives, fund managers, and academics, is a bit more optimistic, expected Tesla to post a revenue of $5.443 billion.
PROFITABILITY
Tesla reported a GAAP operating income of $327 million; 5.4% operating margin in the second quarter. A $104 million GAAP net income and $451 million non-GAAP net income was also reported by the company. With this, Tesla has achieved four quarters of profitability.
EARNINGS
Tesla shareholders saw non-GAAP earnings per share of $2.18 in the second quarter. In comparison, Wall Street expected Tesla to report a loss of $0.14 per share. Interestingly enough, Estimize’s numbers stand opposite to Wall Street, with the platform expecting Tesla to post a profit of $0.19 per share.
Tesla’s Q2 2020 Update Letter could be accessed below.
Q2’20 Update by Simon Alvarez on Scribd
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Author: Simon Alvarez