Tesla Inc. has exceeded Wall Street's expectations for the second quarter, reporting both higher earnings and sales. The electric vehicle (EV) maker earned $2.7 billion, or 78 cents per share, in the quarter, compared to $2.3 billion, or 65 cents per share, in the same period last year. After adjusting for one-time items, Tesla's earnings per share stood at 91 cents.
The company's revenue also saw substantial growth, rising by 47% to reach $24.9 billion. This surpasses analysts' predictions of adjusted earnings of 80 cents per share on sales of $24.2 billion.
The positive financial results follow Tesla's announcement earlier this month that it had delivered a significant number of vehicles in Q2, well above expectations. As a result, the stock has rallied, with Tesla's shares increasing by 137% this year compared to a gain of around 19% for the benchmark S&P 500 index.
Despite facing short-selling activities, Tesla remains optimistic about its long-term outlook and has maintained its goal of producing approximately 1.8 million EVs by 2023.
Cathie Wood's ARK Funds Adjust Holdings
In other news related to Tesla, Cathie Wood's ARK funds have made changes to their holdings by reducing their exposure to Tesla and Coinbase shares while continuing their buying spree of Twilio.
Shorted Stocks in the EV sector
Tesla and Rivian are currently the most shorted stocks in the automotive industry; however, these positions have yet to prove profitable for short-sellers.
With its continued success in the EV market and strong financial performance, Tesla remains at the forefront of the industry's growth and innovation.
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