▲ Tesla
U.S. electric vehicle maker Tesla has posted disappointing second-quarter earnings that fell short of market expectations.
In its earnings release on the 22nd (local time), Tesla announced that its GAAP net income for the second quarter of this year was $1.114 billion (approx. 1.65 trillion won), marking a 5% decrease compared to the same period last year.
This falls well short of the market consensus of $1.3 billion.
Adjusted earnings per share (EPS) came in at 33 cents, also missing the average analyst estimate of 51 cents compiled by Bloomberg.
However, revenue and vehicle delivery figures showed solid performance.
In the second quarter, Tesla delivered 480,126 vehicles, a 25% increase from the same period last year, and total revenue rose 26% to $28.236 billion.
Notably, revenue comfortably surpassed the market forecast of $25.71 billion.
Despite the increase in revenue, the weaker bottom line is attributed to factors such as price cuts for the Model 3 and Model Y, as well as rising operating expenses.
Furthermore, increased investments in autonomous robotaxis and artificial intelligence (AI) infrastructure caused free cash flow to turn negative at minus $1.09 billion.
According to Bloomberg, Tesla is still not generating meaningful revenue from other projects such as robotaxis.
Tesla had previously projected that it could launch robotaxis in Phoenix and Las Vegas in the first half of this year, but the service has yet to roll out.
While driverless services have launched in Dallas and Houston and expanded to Miami, critics point out that the company appears to be lagging behind frontrunner Waymo in the competition.
(Photo: Yonhap News)
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