Tesla Inc. announced on Wednesday that its revenue in the second quarter of the fiscal year 2023 saw an annual increase of 47% to reach $24.93 billion, somewhat in line with expectations, while its total automotive revenues jumped by 46% to $21.27 billion. The carmaker's net income rose by 20% compared to the same period the previous year to hit $2.7 billion. Its diluted earnings per share (EPS) went up by 20% year-on-year to come in at $0.78 per share. Meanwhile, Tesla's total gross margin stood at 18.2%, missing estimates.
"Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single quarter," the company said. "The challenges of these uncertain times are not over, but we believe we have the right ingredients for the long-term success of the business through a variety of high potential projects."
Following the release of the report, Tesla's shares initially declined by 0.92% in the after-hours trading. However, they then turned to gains and grew by 1.18%.