Tesla shifts gear with $11.9bn revenue despite Bitcoin investment losses
Elon Musk’s electric carmaker Tesla has edged past analyst forecasts with an $11.9bn revenue in its second-quarter trading, up 98 per cent year on year.
Tesla also pulled in $1.1bn in net profits in the 12 weeks to 26 July, the first time it has topped $1bn in a single quarter.
While the revenues are strong and span some 200,000 car sales, its Bitcoin losses offset some of its capital inflow, Tesla said in a statement.
Tesla has swallowed a loss of $23m on its Bitcoin holdings in recent weeks and has reeled back its investment in digital assets.
Equity Analyst at Hargreaves Lansdown, Nicholas Hyett said: “The main impression of Tesla from these numbers is one of resilience.
“Despite the decline in higher margin Model X/S deliveries, an increase in lower value Chinese vehicles and potential headwinds from global computer chip shortages, Tesla has managed to grow production substantially and crucially margins have improved dramatically too.”
The carmaker’s Nasdaq shares were up 2.2 per cent at 672.1 cents per share this morning.