Connect with us

Latest

Tesla rules out supply chain problems for profit

Published

on


The company reported operating profits of $ 2.1 billion, 30% more than previous record second-quarter earnings, with earnings per share 17% better than the consensus of analysts surveyed by Refinitiv. Revenue rose 15% to $ 13.8 billion, roughly in line with estimates.

The results stand out because Tesla first surpassed $ 1 billion in operating profits just two quarters ago, the first quarter of this year. Even by a stricter accounting method, the company posted a net profit of $ 1.6 billion, up 42% from the second quarter, and nearly four times what it earned on that basis a year earlier.

However, the company warned that it still has trouble getting chips and other raw materials, although its success outweighed those problems in the third quarter.

“A variety of challenges, including semiconductor shortages, port congestion and power outages have been affecting our ability to keep factories running at full speed,” the company said in its income statement. “We continue to run our production lines as close to full capacity as conditions allow. While sequential growth remains our goal, the magnitude of growth will be largely determined by external factors.”

Actions of Tesla (TSLA), up 22% so far this year, fell slightly after the report, as its strong results were moderated by this warning.

.