Why Tesla Stock Just Crashed #finance #usa #tesla #stockmarket #investing #elonmusk

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Издатель Jul 29, 2024

Tesla stock looks like the "Bad News Bears" of the auto industry.

Tesla (TSLA -12.34%) stock fell 11% through 11:45 a.m. ET Wednesday after the company badly missed analyst forecasts for earnings Tuesday night.

Heading into the second-quarter report, Wall Street forecast the electric car leader would earn $0.62 per share on sales of $24.8 billion. Tesla exceeded the latter expectation, reporting Q2 sales of $25.5 billion. But this sales growth came at a cost to profit: Earnings were only $0.52 per share. Tesla profits collapse
Not all Tesla's news was bad. Notably, the company's energy generation (i.e., solar panels) and storage (i.e., batteries) division -- which believe it or not is now more profitable (with an 18.9% gross profit margin) than the automotive business, doubled in size to $1.5 billion in sales. And free cash flow for the quarter increased nicely to $1.3 billion.

Automotive sales, however, fell 7% year over year. And total sales were up an anemic 2%, despite beating estimates.

Particularly worrisome is the fact that operating expenses surged 39% in the quarter. Falling sales and rising costs is not usually a recipe for strong profits, and this proved true for Tesla, too. The company's operating profit margin shrank by more than a third, to 6.3%. Operating profits fell one-third to $1.6 billion. Net profits cratered -- down 45%.