Tesla reported strong financials for the second quarter of 2023, beating Wall Street estimates on both revenue and earnings.
Details
The company also announced a few new developments, including the potential to license its FSD software to other OEMs, a one-time transferability option for FSD beta users, and an update on the Cybertruck.
In addition, Tesla said its global Supercharger network has reached roughly 50,000 connectors at more than 5,000 stations and that it has built around 10 of its Optimus humanoid robots.
The Q2 earnings call was a positive one for Tesla, and the company seems to be on track to continue its growth in the coming quarters.
Here are some of the key takeaways:
- Tesla reported $24.9 billion in second-quarter revenue, beating Wall Street forecasts of roughly $24.51 billion.
- The automaker reported adjusted earnings per share of $0.91, though estimates landed at just $0.81.
- Tesla reported $3.1 billion in adjusted net income, additionally surpassing Wall Street estimates of $2.87 billion.
- The company’s gross margin in the second quarter fell to 18.2 percent, under analyst forecasts of 18.8 percent, and the automaker’s operating margin dropped to 9.6 percent.
- Tesla reiterated reaching production and delivery records in Q2 after Tesla reported 479,000 units produced and 466,140 units delivered earlier this month.
- Musk said on the call Tesla was open to licensing its FSD software, even saying that the company was already in “early discussions with a major OEM” about it.
- He also announced Tesla will be allowing a one-time transferability option in the third quarter to let users transfer their FSD beta to a new Tesla.
- Later he said demand for the Cybertruck is “so far off the hook, you can’t even see the hook.”
- Adding to the conversation Musk further added that Tesla’s global Supercharger network has reached roughly 50,000 connectors at more than 5,000 stations.
- Musk said that Tesla has built around 10 of its Optimus humanoid robots.
Conclusion
Tesla had a strong Q2 earnings call, beating Wall Street estimates on both revenue and earnings. The company also announced a few new developments, including the potential licensing of its FSD software to other OEMs, a one-time transferability option for FSD beta, and an update on the Cybertruck.
Tesla also shared details on its global Supercharger network and its Optimus humanoid robot. Overall, Tesla had a strong Q2 earnings call, and the company is continuing to make progress on a number of fronts.
