Tesla Stock Is Trading Lower: What's Driving The Action?
Portfolio Pulse from Adam Eckert
Tesla Inc's Q2 financial results show a 47% YoY increase in revenue to $24.93 billion, beating the consensus estimate of $24.48 billion. The company reported quarterly earnings of 91 cents per share, surpassing estimates of 82 cents per share. However, gross margins were down from 25% YoY to 18.2%. Despite this, Tesla called the numbers 'healthy'. The company also confirmed that the Cybertruck is on track for initial deliveries this year. However, shares started to drift lower during the call as the company announced that Q3 production is expected to slow down due to factory shutdowns for improvements.
July 20, 2023 | 12:35 pm
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Tesla's Q2 results beat estimates, but gross margins were down YoY. The company also announced that Q3 production is expected to slow down due to factory shutdowns for improvements, which led to a drop in share prices.
Tesla's Q2 results were better than expected, which would typically lead to a rise in share prices. However, the announcement of a slowdown in Q3 production due to factory shutdowns for improvements has led to a drop in share prices. The decrease in gross margins YoY could also negatively impact investor sentiment.
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