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7/20, 10:06 PM (Source: TeleTrader)
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Tesla's Q2 EPS soar by 91% to $1.95

Tesla Inc. released its second-quarter earnings report Wednesday, with revenue of $16.9 billion, up 42% from the same period in 2021. The company's diluted earnings per share (EPS) came to $1.95, soaring 91% yearly. Net income stood at $2.3 billion, a 98% boost year on year.

On the other hand, Model S/X deliveries increased by 753% over the previous year. According to Tesla, the company plans to expand its manufacturing capacity as rapidly as possible, with an average annual growth of 50% in vehicle deliveries over the next few years.

"In Q2, we achieved record production rates across the company. However, we saw a continuation of manufacturing challenges related to shutdowns, global supply chain disruptions, labor shortages, and logistics and other complications, which limited our ability to consistently run our factories at full capacity," the company stated in its press release.

Tesla's shares rose 2.21% in after-hours trading to sell for $758.10.

Baha Breaking News (BBN) / JG