Tesla grows revenue 42%, but automotive margins decline
PUBLISHED WED, JUL 20 20223:36 PM EDTUPDATED 15 MIN AGO
Lora Kolodny
@LORAKOLODNY
https://www.cnbc.com/2022/07/20/tesla-tsla-earnings-q2-2022-…
Tesla reported adjusted earnings of $2.27 per share on $16.93 billion in revenue in Q2 2022.
Automotive margins decreased from last quarter and a year ago, impacted by inflation and more competition for EV components.
Tesla reported earnings after the bell, and the results sent the stock up slightly after hours.
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Earnings per share (EPS): $2.27 (adjusted) vs $1.81 expected, according to Refinitiv
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Revenue: $16.93 billion, vs. $17.1 billion expected, according to Refinitiv
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Automotive gross margin came in at 27.9%, down from 32.9% last quarter and 28.4% a year ago, impacted by inflation and more competition for battery cells and other components that go into electric vehicles.
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Automotive revenues made up $14.6 billion of the company’s total, with $1.47 billion coming from services and other revenue, and $866 million from the company’s energy segment.