Tesla released their earnings report after market hours. Revenue was shown to be at $24.93 billion, which may not match the predicted $24.47 billion from Refinitiv. Adjusted earnings per share landed at 91 cents, which was again, not equal to the 82 cents that Refinitiv had estimated. During the first quarter of 2023, Tesla had reported revenue of $23.33 billion, with a net income of $2.51 billion. During the second quarter last year, Tesla had shown $16.93 billion in revenues along with a net income of $2.27 billion.
Wells Fargo recently raised their price target for Tesla. Investors are now expecting more information from Tesla during their earnings call, including the details of the Cybertruck, specs, pricing and other updates. Tesla also shared a photo of the first ever Cybertruck built in their Austin, Texas factory. Questions have also been raised about Tesla's production of 4680 battery cells, as well as the Tesla Bot or Optimus, the new factory in Mexico and Tesla's efforts to develop an autonomous vehicle.
Analysts suchas Morgan Stanley's Adam Jonas suggested that for Tesla to maintain their upswing, they will have to prove that they are more than just an auto company. Musk has recently incorporated another company, xAI, and mentioned that it would be collaborating with Tesla and Twitter, focusing primarily on software for artificial intelligence and silicon.
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