Tesla will report its second-quarter earnings later today, and despite an ongoing worldwide semiconductor chip shortage, most analysts are predicting the company to report record earnings for the quarter, in which the company delivered an also record-breaking 206,000 vehicles.
With over 206,000 vehicles delivered in Q2, Tesla’s revenue in the quarter could land as high as $11.4 billion USD, nearly doubling its 2020 Q2 revenue, according to The Wall Street Journal, citing analysts surveyed by FactSet. The company’s net income is also expected to reach nearly $600 million USD, which is almost six times the company’s profit from 2020.
In June, Tesla CEO Elon Musk said, “Our biggest challenge is supply chain, especially microcontroller chips. Never seen anything like it,” Musk continued, “Fear of running out is causing every company to overorder—like the toilet-paper shortage, but at epic scale.”
Tesla (TSLA) Investor Says ‘Any Time You Get The Chance, Buy It’ https://t.co/Ib0SJSB3uz
— TeslaNorth.com (@RealTeslaNorth) June 16, 2021
During the quarter, Tesla apparently managed the shortage by working towards the use of new chips as a replacement, while developing software for other devices produced by new suppliers.
In addition to predictions from The Wall Street Journal, analysts from both J.P Morgan and Goldman Sachs raised their earnings estimates for Tesla (TSLA) ahead of the earnings call on Monday.
Tesla’s shares (TSLA) are trading at $663.55 on Monday, up 3.12 percent from today’s close, and ahead of the earnings call scheduled for later today.
