BiyaPay Analyst: Musk Refers to "Tough Quarter Ahead," Tesla's Earnings Report Falls Short of Expectations, Stock Price Plunges Over 10% in After-Hours Trading
BlockBeats News, July 25th, according to BiyaPay analysts, Tesla released its Q2 2024 earnings report after hours, with overall performance well below market expectations, disappointing investors.
The report showed that Q2 revenue was $21.3 billion, a 12% year-on-year decline, marking the largest quarterly drop since 2012 and the second consecutive quarter of negative growth. The continued decline in core automotive deliveries was the main reason for the revenue decline. Additionally, this quarter's earnings per share (EPS) fell by 23% year-on-year, higher than the market's expected 19.2% decline, indicating that weak revenue continued to drag down profitability.
Although the gross margin was slightly better than expected (17.2%, a sequential increase), the overall trend still appeared weak. Tesla's management was cautious in its tone during the earnings call, with Musk stating that the company is in a "unusual period of transition" and expects to experience "several challenging quarters" in the future.
There were also policy impacts. Musk mentioned that if the U.S. revokes electric vehicle tax incentives and imposes tariffs, it would create about a $300 million cost pressure on the company. During the call, Tesla's stock price post-market saw a decline of up to 10% at one point.
BiyaPay analysts stated that in the current intensified market volatility, BiyaPay is providing users with more flexible investment tools. The platform now supports real-time trading of U.S. and Hong Kong stocks using USDT, allowing users to participate in global markets without the need for an offshore account, capturing investment opportunities. Using cryptocurrency to allocate global assets is becoming an increasingly popular choice for more and more investors. BiyaPay will continue to provide you with a secure, convenient, and efficient trading experience.
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