Tesla Inc. late Wednesday reported second-quarter earnings above Wall Street projections, defying expectations that COVID-related shutdowns in China would hurt its bottom line.
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said it earned $2.3 billion, or $1.95 a share, in the second quarter, compared with $1.1 billion, or $1.02 a share, in the second quarter of 2021. Adjusted for one-time items, the company earned $2.27 a share.
Sales rose to $16.9 billion from $12 billion a year ago.
Shares gained more than 2% in after-hours trading following the report.
Analysts polled by FactSet expected Tesla to report adjusted earnings of $1.81 a share on sales of $16.5 billion.
The EV maker is scheduled to hold a call with analysts at 5:30 p.m. Eastern.
Going into the call, Wall Street worried that second quarter would be a difficult one thanks to ongoing supply-chain snags, slower production ramps in Tesla’s factories in Austin, Texas, and Berlin, Germany, and pandemic-related shutdowns sidelining Tesla’s factory in Shanghai.
Tesla earlier this month reported a quarter-on-quarter fall in deliveries, its proxy for sales, leading some analysts to cut their expectations for the EV maker’s quarter.
Tesla shares have lost 30% this year, compared with losses of around 17% for the S&P 500 index
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