Tesla (TSLA) has once again impressed investors with its strong performance in the second quarter of 2024. The electric vehicle company reported earnings that surpassed expectations, causing its stock price to soar in after-hours trading.
In Q2 2024, Tesla reported revenue of $13.87 billion, a 29% increase from the same period last year. This was driven by a significant increase in vehicle deliveries, with Tesla delivering 365,000 vehicles in the quarter, up 33% year-over-year. The company also saw growth in its energy storage and solar business, with revenue from these segments increasing by 18% and 36% respectively.
Tesla’s gross margin also improved in the quarter, reaching 24.1%. This was driven by increased production efficiencies and cost reductions, as well as the continued ramp-up of the company’s Gigafactories.
In terms of profitability, Tesla reported a net income of $1.25 billion in Q2 2024, up from $1.14 billion in the same period last year. This translated to earnings per share of $2.78, beating analysts’ expectations of $2.53 per share.
Looking ahead, Tesla provided a positive outlook for the rest of the year. The company expects continued growth in vehicle deliveries, with plans to ramp up production at its Gigafactories and introduce new models to the market. Tesla also highlighted its focus on expanding its energy storage and solar business, as well as its ongoing efforts to improve its autonomous driving technology.
Overall, Tesla’s strong performance in Q2 2024 has once again demonstrated the company’s ability to deliver impressive results and maintain its position as a leader in the electric vehicle industry. Investors are optimistic about Tesla’s future prospects, and the company’s stock price reflects this confidence.