3 things we learned from Musk’s “last” earnings call for Tesla

Home Technology 3 things we learned from Musk’s “last” earnings call for Tesla
3 things we learned from Musk’s “last” earnings call for Tesla

Elon Musk had a lot to share on Tesla‘s last earnings call yesterday. Before we move on to the stuff you should know, let’s observe a moment of silence for what was probably the “last” earnings call he’d participate in for the company.

That’s from Musk himself, who cited that “most likely [he] will not be on earnings calls.”

Right, with that out of the way, let’s get into it.

1. More than $1 billion in profit

Tesla reported $1.14 billion in (GAAP) net income for the Q2 of 2021 — the first time it has surpassed $1 billion. 

The automaker’s revenue jumped to $11.96 billion from $6.04 billion year-over-year, while the profit per share rose to $1.45, exceeding analyst expectations by Refinitiv, who had foreseen a profit of 98 cents per share. 

The ten-fold increase in revenue, however, isn’t the only impressive outcome.

Tesla’s profitability has previously relied on selling environmental regulatory credits to other automakers. Now, for the first time since the end of 2019, the firm’s financial gain was secured without them and mainly derived from vehicle sales. 

As per the company, the operating income increased thanks to volume growth and cost reduction, which counterbalanced higher supply chain costs, lower regulatory credit revenue, and the $23 million loss related to the Bitcoin investment

2. Don’t expect Tesla trucks any time soon

Tesla shifted — again — the launch of its electric Semi truck to 2022, due to “limited availability of battery cells” and the company’s decision to focus on the operation of its factories.

The launch of the Tesla Semi will be delayed.
Credit: Tesla