Tesla Stock Loses Charge Premarket Despite Strong Q2: What's Going On?

Tesla, Inc. TSLA shares dipped in premarket trading on Wednesday as investors reacted to the company’s second-quarter results.

The Elon Musk-led company reported adjusted earnings per share of $0.91, surpassing consensus estimates of $0.82, on revenue of $24.93 billion, also beating the projected $24.48 billion. The auto gross margin, excluding regulatory credit, stood at 18.1%, slightly above Street forecasts.

During the earnings call, Tesla’s management, led by Musk, expressed optimism about the near future, citing the upcoming Cybertruck launch. They reaffirmed the goal of achieving 1.8 million annual deliveries, though cautioned about a production dip in the third quarter due to factory upgrades.

Tesla skeptics raised concerns about the role of other income in boosting results and noted a decline in the company’s energy segment revenue.

Profit-taking could also be contributing to the weakness, as the stock has surged over 136% this year.

In premarket trading, Tesla stock fell 2.87% to $282.90, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

See Also: How Did Elon Musk Make His Money