Tesla Earnings -- Big Bottom Line Beat -- 2Q22

Big bottom line beat.

Earnings:

• non-GAAP EPS: $2.27 vs $1.80 forecast;
• non-GAAP revenue: $16.9 billion vs $17.1 billion beat
• vehicle prices are up 25% to 30% from a year ago, automotive margins compressed for the quarter to 28%
• previously: margins were 33% in 1Q22
• a slightly disappointing delivery figure of 254,695 EVs for 2Q22
• the company sold 75% of its position in Bitcoin: total Bitcoin sales, $936 million
• shares up nicely for the day