American electric vehicle manufacturer Tesla has reported poor performance for two consecutive quarters.
According to the earnings report released by Tesla on the 23rd (local time), the total revenue for Tesla in the 2nd quarter was $22.496 billion, a 12% decrease compared to the same period last year. Bloomberg reported that this decline in revenue is "the largest in at least 10 years in Tesla's history."
The earnings per share (EPS) for the 2nd quarter was $0.40, down 23% from the same period last year, and the operating profit recorded $923 million, a 42% decrease compared to the same period last year. The operating profit margin was 4.1%, which is 2.2 percentage points lower than the 6.3% in the same period last year, and the net profit was $1.172 billion, a 16% decrease from the same period last year.
In particular, revenue from the core automotive business fell to $16.661 billion, a 16% decrease compared to the same period last year. Revenue from the energy generation and storage institutional sector also decreased by 7% to $2.789 billion compared to the same period last year.
Tesla attributed the poor performance to a decrease in revenue from emission regulation credits received from the government, an increase in operating expenses due to artificial intelligence (AI) and other research and development projects, and a decrease in electric vehicle deliveries.
As the performance fell short of market expectations, Tesla's stock closed at $332.56, down 0.14% from the previous day on the regular New York Stock Exchange.