Tesla revenues grow by 42%

Tesla, on Wednesday after the bell, reported its first sequential decline in quarterly profit in more than a year as it recovers from an extended shutdown at its Shanghai plant. Tesla reported adjusted earnings of $2.27 per share on $16.93 billion in revenue in Q2 2022.

Automotive revenues made up $14.6 billion of the company’s total, with $1.47 billion coming from services and other revenue, and $866 million from the company’s energy segment.

The company generated $344 million in automotive regulatory credits revenue in the second quarter, the company said in its shareholder deck. That’s a $10 million or nearly 3% decline from the same period in 2021.

CEO Elon Musk said Tesla’s new factory outside of Berlin surpassed 1,000 cars per week in June, and he expects the company’s new factory in Austin, Texas to exceed the 1,000 per week production milestone in the next few months.

Earnings per share (EPS): $2.27 (adjusted) versus $1.81 expected.

Revenue: $16.93 billion, versus $17.1 billion expected.