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Tesla Q2 sales nearly double, stock rises

Tesla Inc. late Monday beat Wall Street expectations for its second quarter, with sales nearly doubling and the Silicon Valley electric-car maker calling for an “inflection point” for EVs.

Tesla
TSLA,
+2.21%

said it earned $1.14 billion, or $1.02 a share, in the second quarter, compared with $104 million, or 10 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $1.45 a share, compared with 44 cents a share a year ago.

Revenue rose 98% to $11.96 billion, from $6.04 billion a year ago.

Analysts polled by FactSet expected Tesla to report adjusted earnings of 94 cents a share on sales of $11.51 billion for the quarter.

The quarter marked the eighth GAAP as well as adjusted quarterly profit for the EV maker.

“Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point,” Tesla said in a letter to investors.

Tesla reported a mixed first quarter in April, beating Wall Street expectations for adjusted profit but missing the sales forecast by a hair, with the company beset by parts shortages and other snags.

Tesla shares have lost about 6% this year, and are holding on to gains of about 133% for the past 12 months. That compares with an advance of around 18% and 37% for the S&P 500 index
SPX,
+0.24%

in these same periods.

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