WASHINGTON (dpa-AFX) - Tesla Inc. (TSLA) on Wednesday reported lower second-quarter profit, as higher operating expenses more than offset revenue growth driven by record vehicle deliveries and continued strength in its energy and services businesses.
Net income for the quarter dropped 5% to $1.11 billion or $0.32 per share from $1.17 billion or $0.33 per share last year.
Adjusted net income fell 17% to $1.15 billion or $0.33 per share from $1.39 billion or $0.40 per share last year.
Operating income dropped 57% to $398 million from $923 million, reflecting higher operating expenses, while operating margin narrowed to 1.4% from 4.1%.
For the second quarter, total revenue increased 26% to $28.24 billion from $22.50 billion a year ago. Automotive revenue rose 23% to $20.52 billion, Energy Generation and Storage revenue increased 13% to $3.14 billion, and Services and Other revenue jumped 50% to $4.58 billion.
Tesla delivered a record 480,126 vehicles during the quarter, up 25% from a year earlier, while energy storage deployments increased 41% to 13.5 Gwh.
Looking ahead, Tesla said it remains focused on expanding production capacity, AI infrastructure and autonomous driving capabilities, while keeping Tesla Semi, Megapack 3 and Optimus production plans on schedule.
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