Roadblock ⛔

Roadblock

Tesla earnings reports are always fun because it’s a spectacle 4 times a year. One of the most electric companies either shocks us with amazing results, or more recently some disappointing ones, but this one might buck the latest trend.

Tesla’s streak of record quarterly profits ended this quarter, posting a $2.3 billion profit in the second quarter. However, this exceeded analyst expectations of $1.9 billion, which was a big positive for the company. Expectations were low due to CEO Elon Musk’s warning of the closed Shanghai plant on company financials, but it looks like they steered past it better than people expected. They generated $16.9 billion in revenue as consumer demand stayed strong, beating analyst expectations once again, but the highlight of the report was their dealings in the crypto business. Tesla sold off 75 percent of their Bitcoin holdings while keeping their Dogecoin, with Musk stating that the company needed to keep as much cash reserves as possible with the Shanghai situation ongoing. The overall amount sold was $936 million, and this left Bitcoin slumped after the report was released. When it came to the chip shortage, Tesla said their car business wasn’t affected, but rather their energy business. However, Musk did stress that the supply chain is really hurting the business, with deliveries down from the first quarter. Tesla’s shares rose slightly after hours, but the near future of the stock price will likely rely on probes involving Tesla’s self-driving system and Elon Musk’s trial against Twitter.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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