Electric vehicle leader, Tesla has beaten Wall Street forecasts for the second quarter that are currently pegged at $1.80 in adjusted earnings per share (EPS) and $16.92 billion in revenue.
Tesla stock is up 2.6% in Thursday’s premarket after walloping Wall Street’s forecasts for the second quarter on Wednesday night. TSLA is trading around $762 at 5:30 AM EST.
Despite the April shutdown at Tesla’s Shanghai factory due to COVID, the leader in EVs posted adjusted earnings per share of $2.27, which was 26% ahead of consensus of $1.80. Revenue of $16.93 billion was in line with the field of forecasts and advanced nearly 42% YoY.
Gross margin for the auto segment fell five percentage points YoY to 27.9%, which appeared mostly a consequence of higher commodity prices. Free cash flow of $621 million was in line with the figure from a year ago but down from the $2.2 billion seen in the first quarter of 2022.
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