TESLA, INC. (TSLA.US)'s 2Q revenue rose 26% YoY to USD28.24 billion, beating market expectations of USD25.71 billion, while profit fell 5% to USD1.11 billion. Adjusted EPS was USD0.33, below the expected USD0.51.
Following the earnings release, TESLA shares dived 4.13% in after-hours trading to USD358.55.
TESLA's free cash flow turned negative USD1.1 billion in 2Q, while capital expenditure surged 142% to USD5.79 billion.
CFO Vaibhav Taneja said operating expenses will continue to elevate this year and beyond as higher commodity prices and interest rate changes continue to increase company costs.
CEO Elon Musk said during the earnings conference call that the company will soon announce more details regarding its chip factory and has already ordered equipment for the facility.
Meanwhile, the company is installing the first-generation production line for the Optimus robot and will begin production soon. He said it will be the most difficult product the company has ever manufactured to scale, since all robot components are entirely new and there is currently no ready-made supply chain.
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AASTOCKS Financial News
Website: www.aastocks.com
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