TOPEV noted that Tesla's stock price has fallen by about 13% this year, while the S&P 500 has risen by 22% over the same period. Despite this, some Wall Street analysts expect Tesla's upcoming third-quarter earnings report to indicate that "the worst is over."
While recent excitement surrounding Tesla's driverless taxis has garnered significant attention, Wall Street seems more focused on the company's core automotive business. Tesla's driverless taxis are still years away from being commercially available, and the company's current revenue and profits primarily stem from car sales.
Wall Street generally expects Tesla's number of cars delivered this year to be comparable to 2023. However, due to significant price cuts earlier this year, the company's profit margins have continued to deteriorate.
Official data shows that Tesla's total revenue in the second quarter of 2024 reached $25.5 billion, a year-on-year increase of 2%. The energy storage business performed particularly well, with a deployment volume of 9.4 GWh this quarter, setting a record high. Operating cash flow was $3.6 billion, free cash flow was $1.3 billion, and total cash and investments increased to $30.7 billion. Meanwhile, Tesla's GAAP net profit was $1.5 billion, and non-GAAP net profit was $1.8 billion. GAAP earnings per share were $0.42, down 46% year-on-year. Total gross margin was 18.0%, down 23% year-on-year, and operating profit was $1.6 billion, down 33% year-on-year. Adjusted EBITDA was $3.674 billion, down 21% year-on-year.