Tesla reported second-quarter earnings after the bell Monday, and it's a beat on both the top and bottom lines. Shares rose about 2% after-hours

Tesla reports more than $1 billion in net income during Q2, up tenfold from a year ago

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2021-07-27 03:00:05

Tesla reported second-quarter earnings after the bell Monday, and it's a beat on both the top and bottom lines. Shares rose about 2% after-hours. Here are the results.

The company reported $1.14 billion in (GAAP) net income for the quarter, the first time it has surpassed $1 billion. In the year-ago quarter, net income amounted to $104 million.

Overall automotive revenue came in at $10.21 billion, of which only $354 million, about 3.5%, came from sales of regulatory credits. That's a lower number for credits than in any of the previous four quarters. Automotive gross margins were 28.4%, higher than in any of the last four quarters.

Tesla had already reported deliveries (its closest approximation to sales) of 201,250 electric vehicles, and production of 206,421 total vehicles, during the quarter ended June 30, 2021.

The company also reported $801 million in revenue from its energy business, including solar photovoltaics and energy storage systems for homes, businesses and utilities, an increase of more than 60% from last quarter.

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