Tesla (TSLA) released its financial results and shareholders letter for the second quarter (Q2) of 2024 after market close today.
We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.
Tesla Q2 2024 earnings expectations
As we reported in our Tesla Q1 2024 earnings preview yesterday, the Wall Street consensus for this quarter was $24.380 billion in revenue and earnings of $0.61 per share.
Now, did Tesla meet, beat, or miss the expectations?
Tesla Q2 2024 financial results
Just after the market close today, Tesla released its financial results and confirmed that it did miss expectations with earnings of $0.52 per share (non-GAAP), but it beat revenue expectations with $25,500 billion during the last quarter.
The $1 billion revenue beat likely has to do with Tesla reporting $3 billion in revenue from its energy division, which Wall Street has yet to adjust to after record deployment:
In Q2, we achieved record quarterly revenues despite a difficult operating environment. The Energy Storage business continues to grow rapidly, setting a record in Q2 with 9.4 GWh of deployments, resulting in record revenues and gross profits for the overall segment. We also saw a sequential rebound in vehicle deliveries in Q2 as overall consumer sentiment improved and we launched attractive financing options to offset the impact of sustained high interest rates. We recognized record regulatory credit revenues in Q2 as other OEMs are still behind on meeting emissions requirements.
Top comment by Blake
If Trump gets in, I wonder what effect that will have on Tesla’s income from regulatory credits, let alone the reduction in sales from the EV rebate abolition
Tesla’s stock is down as much as 5% in aftermarket trading following the release of the earnings.
We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):
- Tesla gives encouraging update on 4680 battery cells
- Tesla accelerates plans for cheaper electric vehicles, but not the $25,000 EV
- Tesla Robotaxi unveiling now planned for October 10, Elon hints at ‘one more thing’
- Elon Musk would be ‘surprised’ if Tesla doesn’t have ‘unsupervised self-driving’ next year
Here’s Tesla’s Q2 2024 shareholder presentation in full:
Here’s Tesla’s conference call for the Q2 2024 results:
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