Tesla Reports $6 Billion In Revenues In Q2 2020
- Date: 24-Jul-2020
- Source: Al Bawaba
- Sector:Financial Markets
- Country:Bahrain
Tesla Reports $6 Billion In Revenues In Q2 2020
Published July 23rd, 2020 - 12:30 GMT
Highlights
Adjusted earnings per share were $2.18, smashing Wall Street expectations.
Tesla, the electric car maker, reported revenue of $6 billion in the second quarter, beating expectations, while also clocking four sequential quarters of profitability.
Adjusted earnings per share were $2.18, smashing Wall Street expectations. Net income was $104 million, despite the general economic downturn this year due to the coronavirus, according to Deutsche press agency (dpa).
Tesla posted a profit in line with GAAP - or, generally accepted accounting principles - means the stock could be included in the S&P 500 index, both a point of prestige and a potential further boost for the company as shares are then bought up by major investment funds.
This is the first time since Tesla was founded in 2003 that it had a full year in the black.
The company's stock has rallied strongly in recent months, giving it a market capitalization of about $290 billion, more than any other car maker in the world. The stock has surged nearly 300 percent this year.
The stock moved higher