Tesla's second-quarter earnings report tells a story of quarterly declines and year-over-year growth.
The company reported Wednesday a quarterly decline in revenue and earnings as supply chain constraints, inflation and an extended shutdown in China chipped away at its bottom line.
Tesla generated $16.9 billion in revenue in the second-quarter, down from $18.8 billion in the first quarter. The second-quarter revenue numbers were also lower than the $17.7 billion it brought in the fourth-quarter of 2021.
Tesla said it earned $2.3 billion, or $1.95 a share, in the second quarter, which was also down from the $3.3 billion it earned in the first quarter.
Despite the sequential decline, Tesla's year-over-year results painted a far rosier picture with revenue increasing 42% from the $11.96 billion in revenue from Q1 2021. Profits also nearly doubled from the $1.14 billion, or $1.02 a share, it earned in same period in 2021.
Per data from Yahoo Finance, analysts expect that Tesla generated Q2 2022 revenues of $17.2 billion and $1.85 in earnings per share. For the second quarter of 2021, Tesla reported $11.96 billion in revenue and $1.45 in earnings per share.
The company noted it continued to make significant progress across the business during the second quarter of 2022 despite facing certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter.
Tesla also said it ended the quarter with the highest vehicle production month in its history.
Tesla also revealed it has sold 75% of its Bitcoin holdings this quarter. The company appears to have lost around $150 million on its bet in the cryptocurrency since its 2021 purchase, selling the coins for $963 million. Tesla said the value of its remaining “digital assets” is $218 million.