profit

Tesla posts surprise Q2 profit, ramping up cash despite coronavirus

Tesla (TSLA) posted a profit in the second quarter, defying Wall Street estimates after the electric car-maker delivered more vehicles than expected in the quarter despite virus-related disruptions.

Here were the main results from Tesla’s Q2 report, compared to consensus estimates compiled by Bloomberg:

  • Revenue: $6.04 billion vs. $5.4 billion expected vs. $6.35 billion Y/Y

  • GAAP earnings per share: 50 cents, vs. GAAP loss per share of $1.06 expected and GAAP loss per share of $2.31 Y/Y

  • Free cash flow: $418 million, vs. outflow $617.9 million expected

Tesla’s second-quarter results came on the heels of an incredible 280% stock rally for the year to date as investors bet on the company’s long-term prospects, with the coronavirus pandemic weighing more heavily on established auto competitors. The near-fourfold increase in Tesla’s stock made it the second-best performer in the Nasdaq 100 after Moderna (MRNA), and rocketed Tesla’s market

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