Tesla (TSLA) released its financial results and shareholders letter for the second quarter of 2023 after market close today.
We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.
Tesla Q2 2023 earnings expectations
As we reported in our Tesla Q2 2023 earnings preview earlier today, the Wall Street consensus for this quarter was $24.220 billion in revenue and earnings of $0.80 per share.
While Wall Street should be close to the actual revenue with its estimation since it is mainly based on vehicle deliveries, which were already disclosed, earnings are harder to estimate.
It depends on how high Tesla has been able to retain gross margins despite the significant price cuts that happened throughout the quarter.
Now did Tesla meet, beat, or miss the expectations.
Tesla Q2 2023 financial results
Just after the market close today, Tesla released its financial results and confirmed that it managed to expectations with earnings of $0.91 per share (non-GAAP) and on revenue with $24.927 billion during the last quarter.
Gross margins are down as expected, but only to 18.2% – down from 19.3% the previous quarter.
Tesla was still able to deliver a strong 9.6% operating margin and added about $700 million to its cash and investment position, which now sits at an impressive $23 billion.
We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):
Here’s Tesla’s Q2 2023 shareholder presentation in full:
Here’s Tesla’s conference call for the Q2 2023 results:
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