VIDEO: Tesla Surprised Investors With Strong Profits, With Declining Margins
Tesla surprised investors with strong profits, despite supply problems and declining margins in the Q2 2022.
Tesla reported earnings for the second quarter of the year on Wednesday, figures that beat analysts' forecasts. Revenues, meanwhile, were lower than expected.
The company presented a profit per share of $2.27 and a turnover of $14.6B. Analysts surveyed by Investing.com had expected EPS of $1.86 and revenue of $16.52B
After these figures, Tesla's share gains 3.33% and is trading at $767.25 in after-hours price.
Year-to-date, Tesla stock is down 29%, below the S&P 500's expectations, representing a 16% drop.
With its figures, Tesla joins other large companies in the Consumer Discretionary sector this month.
Armen Hareyan is the founder and the Editor in Chief of Torque News. He founded TorqueNews.com in 2010, which since then has been publishing expert news and analysis about the automotive industry. He can be reached at Torque News Twitter, Facebok, Linkedin and Youtube.