The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla’s second-straight quarterly net income decline.
Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents.
Earlier this month Tesla said it sold 443,956 vehicles from April through June, down 4.8% from 466,140 sold the same period a year ago. Although the sales were were better than the 436,000 that analysts had expected, they still were a sign of weakening demand for the company’s aging product lineup.
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