:max_bytes(150000):strip_icc()/GettyImages-1494912471-be8cc52f45834d8b9e36fa169b4f4700.jpg?w=1024&resize=1024,1024&ssl=1 "What You Need To Know Ahead of Tesla Earnings Next Week")
Key Takeaways
- Tesla reports earnings next Tuesday, with its stock in the midst of a rally following a rocky first half of 2024.
- Markets will be watching for an update on when Tesla plans to debut its robotaxis after CEO Elon Musk confirmed Monday that an Aug. 8 event has been postponed.
- Tesla and other electric vehicle makers have reported encouraging sales numbers in recent weeks.
Tesla (TSLA) is set to report second-quarter earnings after the bell next Tuesday with its shares in the midst of a rally powered by better quarterly delivery numbers than analysts expected.
Analysts forecast Tesla will report revenue near that of last year’s second quarter, when it posted sales of $24.93 billion, according to estimates compiled by Visible Alpha. Restructuring and research and development costs are projected to be higher than last year, leading analysts to estimate Tesla’s net income to be $1.73 billion, down from $2.7 billion a year ago.
Investors are looking for updates on Tesla’s debut event for its autonomous robotaxis. Chief Executive Officer (CEO) Elon Musk confirmed Monday that the event has been delayed from early August, without providing a new date.
| Analyst Estimates for Q2 2024 | Q1 2024 | Q2 2023 | |
| Revenue | $24.93 billion | $21.3 billion | $24.93 billion |
| Diluted EPS | 50 cents | 34 cents | 78 cents |
| Net Income | $1.73 billion | $1.13 billion | $2.7 billion |
Key Metric: Deliveries
Tesla’s better-than-expected Q2 delivery numbers helped to spark a substantial rally for the EV maker’s stock.
While deliveries were lower than last year’s second quarter, the figures underscored a strong quarter for much fo the EV market. Deliveries from EV startup Rivian (RIVN) rose, while some of Tesla’s competitors in China have reported positive sales data in recent weeks.
Legacy automakers like General Motors (GM) and Ford (F) also posted positive EV sales figures, with their second-quarter EV sales growing 40% and 61%, respectively.
Business Spotlight: Robotaxi Event Delay
Musk on Monday partially confirmed a Bloomberg report from last week that said Tesla’s robotaxi event had been delayed to October from Aug. 8 so more prototypes could be produced. Musk said the delay was due to a design change he had requested, and said the extra time could allow Tesla to showcase “a few other things” at the event.
Baird analysts wrote Tuesday that new versions of Tesla’s self-driving platforms could be one of the “few other things” Musk was referring to, along with a lower-cost model. In the company’s latest earnings call in April, Musk said Tesla planned to start production on “more affordable” models late this year or in early 2025.
Tesla shares are in the midst of a rally that has allowed the EV maker’s stock to erase the losses suffered in the first half of the year, with the stock rising in all but one of the last 15 trading sessions. The shares closed 1.6% higher Tuesday at $256.56.
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