Tesla reports earnings after the bell Wednesday

Tesla to Release Q2 Earnings Today, Wall Street Anticipates Results.

PUBLISHED WED, JUL 19 2023

Today, Tesla is set to unveil its second-quarter financial results after the closing bell. Analysts have compiled estimates, revealing that Wall Street expects the electric vehicle giant to report revenue of $24.47 billion and earnings of 82 cents per share for the period ending on June 30, 2023, according to Refinitiv.

One particular area of interest for investors is the impact of Tesla's recently announced price cuts on its profit margins. In a note earlier this month, BofA analyst John Murphy highlighted this concern, indicating that investors will likely focus on assessing the effects of the price reductions.

Analysts also emphasize the need for Tesla to demonstrate its value beyond being solely an auto company. Morgan Stanley analyst Adam Jonas emphasized this sentiment in a recent note, stating, "To sustain the ongoing rally, we believe Tesla must prove itself as more than just an automobile manufacturer."

Elon Musk, the CEO of Tesla, has been diversifying his ventures beyond electric vehicles. Aside from SpaceX and his role as a controlling shareholder and CTO of Twitter, Musk recently established a new company called xAI, registered in Nevada. Musk stated that xAI plans to collaborate with both Tesla and Twitter, with a focus on the "silicon front" and "AI software front" within the EV business.

All eyes are now on Tesla's earnings report, as investors and analysts eagerly await the company's financial performance for the second quarter of the year.

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