Tesla (TSLA) Earnings: Q2 profit beats estimates on 98% revenue growth; stock gains

Electric car maker Tesla Inc. (NASDAQ: TSLA) reported strong second-quarter revenue and earnings that increased year-over-year and topped expectations.

At $1.45 per share, adjusted net income was sharply higher than $0.44 per share reported in the prior-year period. It was also above analysts’ forecast.

Reported net income, including special items, moved up to $1.14 billion or $1.02 per share from $104 million or $0.10 per share in the second quarter of 2020. The impressive performance reflects a 98% jump in revenues to $11.95 billion. Analysts were looking for a smaller top-line number.

Earlier this month, the California-based company said it produced 206,421 vehicles in the June quarter. Deliveries totaled 201,250 during that period.

Read management/analysts’ comments on Tesla’s Q2 report

After reaching a record high at the beginning of the year, Tesla’s stock withdrew and has traded almost flat since then. The stock closed Monday’s regular trading higher and gained further during the extended session soon after the earnings release.

Prior Performance