Tesla (TSLA) has released its financial results and its letter to shareholders for the second quarter of 2022 after the market closed today.
We are updating this post with full details of the financial results, shareholders ’letter and tonight’s conference call. Update for the latest information.
Tesla earnings expectations for the second quarter of 2022
Earlier this week, we posted our preview of Tesla Q2 2022 earnings with Wall Street expectations and collective expectations.
The Wall Street consensus for this quarter was $ 16.521 billion in revenue and earnings of $ 1.81 per share.
Expectations represent a rare quarter-on-quarter decline for Tesla due to the forced shutdown of Gigafactory Shanghai, which resulted in some 250,000 deliveries instead of the more than 300,000 expected.
Tesla Q2 2022 financial results
Right after the market closed, Tesla released its financial results and confirmed that it managed to exceed both earnings and revenue expectations despite a difficult quarter.
The automaker reported revenue of $ 16,934 million (about $ 400 million more than expected on Wall Street) and earnings per share of $ 2.27 (non-GAAP versus $ 1.81 expected for Wall Street).
Tesla managed to increase its cash position by $ 0.8 million to $ 18.3 million during the quarter.
The automaker noted challenges during the quarter, but came out strong at the end with a still impressive gross operating margin:
“We continued to make significant progress in the business during the second quarter of 2022. Although we faced certain challenges, such as limited production and shutdowns in Shanghai for most of the quarter, we achieved an operating margin of 14 , 6 among the highest in the industry.%, A positive free cash flow of 621 million dollars and ended the quarter with the highest vehicle production month in our history “.
The biggest concern is probably the gross margin of the automotive industry that falls for the first time in a long time, but with 27.9%, it is still among the best in the sector.
Tesla’s share price rose by up to 4% at the time of the aftermarket.
We’ll post our follow-up posts here on earnings and the conference to expand on the highlights (refresh the page to see the latest posts):
Here is the full presentation of Tesla shareholders for the second quarter of 2022 and a conference call:
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