Tesla's profit fell short of expectations

The American electric car giant Tesla presents a profit for the second quarter that clearly misses the market's expectations. At the same time, the company shows a slightly increased turnover.

» Updated: July 24 2024

» Published: July 23 2024

Tesla's profit fell short of expectations
Photo: Chris Carlson/AP/TT

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The American electric car giant Tesla is presenting a profit for the second quarter that clearly misses market expectations.

At the same time, the company is showing a slightly higher turnover.

The company is reporting a profit of 52 cents per share, which can be compared to market expectations of 62 cents, according to CNBC which refers to the analysis firm LSEG.

On an annual basis, the company's revenues increased by 2 percent, and the turnover for the second quarter amounted to 25.5 billion dollars or approximately 275 billion kronor. Analysts had expected a turnover of 24.8 billion dollars.

Tesla announced earlier in July that the company had delivered a total of 443,956 vehicles during the second quarter of the year, which was more than analysts had expected. At the same time, today's report shows that car sales have decreased by seven percent compared to the same period last year.

The company's energy segment, which includes installations and sales of reserve batteries for homes, has almost doubled its turnover compared to the second quarter last year.

Tesla has risen sharply on the stock exchange in recent times, with an increase of nearly 75 percent over three months before the stock exchange closed. This means that the share has almost recovered from the winter's decline.

About an hour after the New York Stock Exchange closed, the Tesla share had however fallen by over 4 percent in after-hours trading.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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