Double-edged
In the midst of a global pandemic and economic uncertainty, India has witnessed an unprecedented surge in retail investors flocking to the stock market.
Tesla, the Silicon Valley car maker reported a second-quarter GAAP and adjusted profit, making $6 billion in revenue and $104 million in net income in its June quarter even as the Covid-19 pandemic shut its factories.
Tesla stock rose more than 4 per cent after hours on the news.
Breaking it down by model, Tesla reported combined deliveries of 76,200 Model 3 sedans and Model Y cross-over SUVs, and combined deliveries of 12,200 of the older and more expensive Model S and X vehicles.
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Both numbers beat estimates: Analysts had expected combined deliveries of 68,674 Model 3 and Model Y vehicles, and combined deliveries of 11,234 Model S and X vehicles, as of Wednesday.
“Our operating profit improved in Q2 despite challenging circumstances. Positive impacts included lower operating costs due to a temporary reduction in employee compensation expense, a sequential increase in regulatory credit revenue and deferred revenue recognition of $48 mllion related to a Full Self Driving (FSD) feature release,” the company said in a statement.
“These positive contributions were offset by significant costs related to factory shutdowns, as well as a sequential increase in non-cash SBC expense primarily attributable to $101 million related to 2018 CEO award milestones.”
In the year-ago quarter, Tesla reported $111.2 million in revenue from regulatory credits.
In terms of car delivery- year-ago first quarter, Tesla delivered 63,000 vehicles, including 50,900 Model 3 vehicles and 12,100 Model S and X cars.
Tesla delivered 80,050 Model 3s and Model Ys in the quarter and 10,600 of its Model S luxury sedan and Model X SUVs.
“In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles,” Tesla said in an earlier statement.
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