After market close today (a while after), Tesla released its financial results and shareholders letter for the second quarter of 2019.
We are updating this post with all the details from the financial results and shareholders letter.
As we reported in our Q2 earnings preview post, Wall Street was expecting revenue of about $6.375 billion for the quarter and a loss of $0.54 per share.
Tesla announced that it made $6,349 billion in revenue and a loss of $1.12 per share (Non-GAAP) – on expectation for revenue and below expectation for earnings.
However, it’s a big improvement over Tesla’s previous quarter results of $4.5 billion in revenue and a loss of $4.10 per share.
While the loss is bigger than expected, Tesla confirmed that it is still sitting on cash and cash equivalent worth about $5 billion – “the highest level in Tesla’s history.”
That’s through generating $614 million of free cash flow (operating cash flow less capex) and Tesla’s major capital raise that closed this quarter.
But the market is focusing on the bigger than anticipated loss and Tesla’s stock (TSLA) is trading as much as 10% down in aftermarket trading.
Tesla is maintaining its future guidance for the year and expect to be slightly profitable during the current quarter.
Here we will be posting our follow-up posts about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):
- Tesla confirms Model Y production progress at Fremont factory, on track for fall 2020
- Tesla Model 3 is ‘outselling all of its gas-powered equivalents combined’
- Tesla CTO and co-founder JB Straubel is leaving his exec role, moving to an advisory role
- Tesla releases first pictures inside Gigafactory 3, shows impressive progress
- Tesla says number one reason owners visit service is to learn how to use Autopilot
- Tesla plans path to massive production of battery cells, delays unveiling to next year
- Tesla Energy deploys a new record amount of energy storage, solar still down
Here’s Tesla’s Q2 2019 shareholder letter in full:
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