TESLA Q2 EARNINGS REPORT | PROFITABLE QUARTER
Tesla stock soared above $1400 per share. It now has a market capitalisation of $260+ billion dollars, making it the largest automobile company on the planet.
Data compiled by FactSet estimate revenue to be $5.2 billion for Tesla with a low estimate of $2.77 billion (lol) and high estimate of $6.25 billion.
Tesla beat expectations and reported $6.04 billion in revenue and a $104 million profit. They are now eligible for S&P 500 inclusion. This is a huge milestone for the company. Tesla's automotive gross margin was 25.4% as they continue to scale production.
Elon Musk recently announced confidence that Tesla will have the basic functionality for level 5 autonomous driving by the end of 2020. This, combined with a host of other news, has lead to a short squeeze in Tesla's stock price.
The Texas gigafactory will help aid production of the CyberTruck next year as they have over 500,000 pre-orders to date.