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Tesla’s quarterly profit surpasses $1 billion

Tesla reported Monday an eye-popping $1.14 billion in net income in the second quarter, results that blew past analyst expectations and marked the first time the company’s quarterly profit (on a GAAP basis) has passed the three-comma threshold. The results pushed shares up more than 2.2% in after-hours trading.
Tesla was able to beat expectations and log its eighth straight quarter of profitability even as it grappled with supply chain challenges and losses stemming from its bitcoin investment. Operating income was $1.3 billion, which increased year-over-year from $327 million, due to volume growth and cost reduction, the company said. Those positive results were partially offset by an increase in operating expenses, supply chain challenges, lower regulatory credit revenue and a the aforementioned bitccoin-related impairment of $23 million.
Supply chain challenges, notably the global shortage of semiconductor chips and congestion at ports, were two factors that affected its business in the second quarter. Tesla noted that it will continue to impact operations and its rate of delivery growth in 2021.
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