Tesla Delivered 480,126 Vehicles in a Quarter and Still Missed on Profit. Here's Where the Money Went.
The company's robotaxi rollout is slower than anticipated, and that's making investors less forgiving of rising capital expenditures and falling margins.
Overview
With Tesla (NASDAQ: TSLA) having already released its estimate-busting delivery numbers for the quarter, investors were optimistic that the company would deliver other second-quarter numbers that were ahead of the Wall Street consensus estimates published on its investor relations page. Unfortunately, it did not, and the consternation around the miss is one reason the stock declined post-earnings.
Automotive deliveries of 480,126 in the quarter, compared to the consensus estimate for 406,024, contributed to revenue beating expectations. However, on every other headline metric, Tesla missed expectations, even with revenue coming in $652 million higher than modeled.
Details
Both cost of goods sold (COGS) and operating expenses came in higher than expected, negatively affecting gross margin and operating margin, respectively.
Source
Originally published at www.fool.com.