Tesla reported strong Q2 earnings
America’s sweetheart, Tesla, released its financial report for Q2, and Wall Street was impressed. Even during these difficult times, the electric carmaker managed to deliver more cars than expected.
The company’s revenue came in at $6.04 billion, higher than the $5.4 billion consensus. Although it outperformed, this quarter’s revenue is lower than the one from last year - $6.35 billion.
It earned $104 million, or 50 cents per share, compared to last quarter’s loss of $2.31/ share.
Although it is the fourth consecutive profitable quarter, and the USA500 integration seems one step closer to Tesla, its CEO, Elon Musk, said that he is not looking to make Tesla a "super profitable" company, but one that can provide for its customers. He also announced a new plant that will be opened in Austin, Texas, which will be the company's second US-based car-making factory.
However, BofA Securities’ analysts advised caution regarding the stock, urged investors “to remain cautious despite hype and momentum.” Still, the target price was raised to $800 from $500.
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Sources: marketwatch.com, finance.yahoo.com
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