Tesla Misses Earnings Estimates
Tesla (NASDAQ: TSLA) reported automotive deliveries of 480,126 for Q2 2023, surpassing the consensus estimate of 406,024. However, it missed Wall Street expectations on other key metrics, contributing to a post-earnings stock decline. Revenue reached $28.236 billion, exceeding estimates by $652 million, yet gross profit fell short by $627 million at $4.751 billion, resulting in a gross profit margin of 16.8%, down 270 basis points from the expected 19.5%.
Rising costs played a significant role in the earnings miss, with CFO Vaibhav Taneja citing increased commodity prices and operating expenses associated with R&D activities, particularly for new products like the Semi truck and Optimus. Operating profit was reported at $398 million, significantly lower than the expected $1.503 billion, leading to an operating margin of just 1.4%, down 400 basis points from projections.
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