Musk's Record Earnings and massive Tesla plant in Indonesia
Podcast: Elon Musk PodcastPublished On: Thu Aug 10 2023
Description: The notable bet by Elon Musk, CEO of Tesla, to amplify sales and profits by slashing the price tags on its products seemed to display ambiguous results. The electric vehicle giant not only marked a sales surge in the second quarter of the year but also managed to exceed Wall Street's net income forecasts. However, a discernible decline in the company's profit margins caused apprehension, and Tesla shares underwent a wavering ride in after-hours trading. In the details of the financial records disclosed, Tesla, known for its line of electric vehicles, solar products, and energy storage solutions, posted a net income of $2.7 billion for the April-June quarter, registering a 20% growth over the previous year. Earnings per share followed the trend with an increment of 20%, reaching 78 cents, in line with generally accepted accounting principles (GAAP). The revenue figures were equally impressive, showing a 47% jump to a substantial $24.93 billion.
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