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Tesla Profits Top Estimates Despite China Production Hit

July 21, 2022
Source: ibtimes.com ibtimes.com
News Snapshot:
Elon Musk's ambitious electric vehicle company scored about twice the profits in the just-finished quarter as that of the year-ago period. In recent weeks, Musk has made headlines over his withdrawal from a $44-billion acquisition of Twitter, which has spurred a lawsuit from the social media giant. Although profits topped estimates, they lagged behind those in the first quarter, the first sequential profit drop since late 2020, coinciding with a fall in automotive profit margins due to rising costs. Revenues were up 42 percent at $16.9 billion, but below the $17.1 billion projected by analysts. The company cited the drag...
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China Tech Buzz Topics: acquisition | Automotive | bitcoin | blockchain | China | copyright | electric vehicle | Elon Musk | factory | fintech | Giant | IT | labor | lawsuit | logistics | manufacturing | media | production | profit | Rising | Shanghai | social media | supply chain | Tesla | Twitter

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