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7/22/2020, 10:22 PM (Source: TeleTrader)
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Tesla's revenue lands at $6.04B in Q2, tops estimates

Tesla Inc. unveiled on Wednesday its revenue in the second fiscal quarter amounted to $6.04 billion, dropping 4.9% on an annual basis but beating market expectations. Meanwhile, diluted earnings per share stood at $0.5, surging compared to a loss per share of $2.31 recorded in the second trimester a year earlier. Total deliveries were at 90,891 in the same period, sliding 5% annually.

Free cash flow was at $418 million, marking an annual fall of 32%, while net income in the second fiscal quarter landed at $104 million, an improvement from a net loss of $408 million posted in the same period in 2019. Tesla's operating expenses were 14% lower in the second trimester compared to the same three-month span last year, standing at $940 million.

"We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020. Production output of our existing facilities continues to improve to meet demand, and we are adding more capacity," the company said in a statement.

The electric vehicle maker's shares surged nearly 8% in after-hours trade following the quarterly results announcement.

Breaking the News / GA