Jul 28, 2021 (IAM Newswire via COMTEX) -- Tesla Inc /zigman2/quotes/203558040/composite TSLA +3.02% has officially kicked off a jam-packed week of second quarter earnings reports from the biggest names on Wall Street. On Monday after the bell, the EV pioneer reported more than $1 billion in net income, a tenfold from the same quarter a year ago. After beating top and bottom lines, its shares rose 2%.
Earnings amounted to $1.45, beating the expected 98 cents per share adjusted expected, according to Refinitiv. GAAP net income amounted to $1.14 billion, overpassing $1 billion for the very first time. Only one year ago, net income amounted to $104 million.
Revenue amounted to $11.96 billion, also beating $11.30 billion Refinitiv expected. Automotive revenue brought in $10.21 billion to the table, of which only $354 million or 3.5% approximately, came from sales of regulatory credits. That's lower than in any of the previous four quarters. Automotive gross margins of 28.4%. also came in higher than in any of the previous four quarters.
Energy businesses brought in a revenue of $801 million, increasing 60% compared to the last quarter. Services and other revenues amounted to $951 million. As for bitcoin, Tesla reported a $23 million impairment as an operating expense under "Restructuring and other".
Tesla faced a backlash from consumers in China, recalls in China and the U.S., along with delayed deliveries of the high-performance version of its flagship sedan, the Model S Plaid. The biggest struggle of the quarter was to procure enough modules that control the airbags and seatbelts. The lack of supply limited the company's production both in Fremont and Shanghai.
The launch of the Semi truck program has been delayed until next year. Tesla Vice President of Vehicle Engineering Lars Moravy announced that the Cybertruck production should begin at the new plant in Texas at the end of the year.Musk specified that the company's goal will be to expand its charging network so drivers don't have to wait long or look for places to charge their vehicles on the road. Unlike Apple /zigman2/quotes/202934861/composite AAPL +0.75% , Musk emphasized that Tesla's goal is to support the advent of sustainable energy as opposed to creating a walled garden to keep competitors at bay.
Figures are now doing the talking
After years of unforced errors, Musk also braced shareholders he likely would not appear, let alone lead, future Tesla earnings calls unless he has "something really important" that he needs to say. He did say he would speak at annual shareholder meetings. Tesla's performance figures are now doing the talking.
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