Tesla, Inc. (NASDAQ: TSLA) reported its most recent quarterly results after the closing bell on Wednesday. The electric vehicle (EV) giant said that it had $2.18 in earnings per share (EPS) and $6.04 billion in revenue, compared with consensus estimates that called for $0.03 in EPS and $5.23 billion in revenue. The first quarter from last year had a net loss of $1.12 per share and $6.35 billion in revenue.
Revenues remained relatively flat on a quarter over quarter basis. The positive impact of higher vehicle deliveries, higher regulatory credit revenue, and higher energy generation and storage revenue was somewhat offset by lower vehicle average selling price (ASP) and lower services and other revenue.
Tesla teased that it has selected the next site for a Gigafactory in the US and preparations are underway. In terms of factory production, Tesla has continued to improve to meet demand, and the firm is adding more capacity. According to the report, “Later this year, we will be building three factories on three continents simultaneously.”
In the second quarter, profit improved sequentially due to fundamental operational improvements. Additionally, the company experienced costs associated with factory shutdowns, which were offset by cost reduction measures.
For the quarter, automotive sales decreased 4% year over year to $5.18 billion, with a gross margin of 25.4%. Total deliveries came in at 90,891.
Separately, the company reported storage deployment of 419 MWh, an increase of 1% year over year.
On the books, Tesla added $535 million to cash and cash equivalents for a total of $8.6 billion at the end of the second quarter. Operating cash flow was $418 million.
Shares of Tesla closed Wednesday at $1,592.33, in a 52-week range of $211.00 to $1,794.99. The consensus price target is $882.54. Following the announcement, the stock was up over 5% at $1,680.00 in the after-hours trading session.