Elon Musk's electric vehicle company beat expectations on both top and bottom lines, and passed $1 billion in quarterly net income for the first time.
SpaceX founder and Tesla CEO Elon Musk visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021.reported earnings after the bell Monday, and it's a beat on both top and bottom lines. Shares rose about 2% after hours. Here are the results.$11.96 billion vs $11.30 billion expected, according to Refinitiv
The company reported $1.14 billion in net income for the quarter, the first time it has surpassed $1 billion. Overall automotive revenues came in at $10.21 billion, of which only $354 million came from sales of regulatory credits. That's a lower number for credits than in any of the previous four quarters. Automotive gross margins came in at 28.4%, higher than in any of the last four quarters.total vehicles, during the quarter ending June 30, 2021.
The company also reported $801 million in revenue from its energy business, including solar energy for homes and businesses and storage for utilities, an increase of over 60% from last quarter. While Tesla does not disclose how many energy storage units it sells each quarter, in recent weeks, in court, that Tesla's demand for its Powerwall backup batteries for homes stood around 80,000.
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