Tesla, giant of electric cars founded and managed by Elon Musk, reported a record net profit in the second quarter of 2021, surpassing the $ 1 billion mark for the first time ever and tearing up estimates on an adjusted basis.
Compared to the same period last year, earnings have grown 10 times as much.
However, things went less well with Bitcoin, the number one cryptocurrency in the world in which the giant active in the EV segment had invested $ 1.5 billion at the beginning of February. While the value of the investment had jumped to $ 2.48 billion by the end of March, thanks to the boom in digital money prices reported in the first three months of the year, at the end of the second quarter the investment suffered. a devaluation of 23 million, which weighed in particular on the quarterly operating profit.
It must be said that Tesla does not account for Bitcoin as a mark-to-market asset, which means that the positive impact on profits occurs only if the group proceeds to sell the digital currency, as happened during the first quarter, when he grossed a net gain of $ 101 million from the sale of Bitcoin, thereby managing to sustain his profits on a net basis. The strong retracement of the cryptocurrency should therefore not affect profits in a directly proportional way, unless the investment or part of it were not to be disinvested.
Said this, the price of Bitcoin has capitulated by over -40% in the second quarter, which means that Tesla’s investment will be significantly lower than that reported in the first quarter.
But let’s get to the details of Tesla’s balance sheet.
The group announced yesterday at closed markets that it had closed the second quarter of the year with tenfold profits on an annual basis:
in particular net profit stood at $ 1.14 billion, surpassing $ 1 billion for the first time ever, compared to $ 104 million in the same period in 2020.
Overall, revenue was $ 10.21 billion, of which only $ 354 million, just about 3.5%, was collected from the sale of the green credits, at the minimum of the last four quarters. The gross margin stood at 28.4%, the record of the last four quarters.
Adjusted earnings per share it was $ 1.35, well above the 98 cents expected by analysts interviewed by Refinitiv. Revenue amounted to $ 11.96 billion, up from $ 11.30 billion expected. Tesla stock rose more than 2% in Wall Street afterhours trading. Now it advances by more than + 1%.
Tesla had already reported the data relating to vehicle deliveries for the quarter ended June 30, 2021, for an amount equal to 201,250 electric cars delivered on a production of 206,421 units.
Instead, keep an eye on the cash balance sheet item, which saw a decline of about 5% on a quarterly basis, to $ 16.23 billion. The decline was “primarily caused by net debt and finance lease repayments of $ 1.6 billion, partially offset by free cash flow of $ 619 million.”
Tesla stock travels around $ 666, after losing since January more than 25% of its value.