The main digital coin on Tesla's accounts remains "untouchable" for the fourth consecutive quarter.
At the beginning of 2021, Tesla bought bitcoins for $1.5 billion and in the second quarter of last year sold nearly $936 million (or about 75% of its digital assets). The total volume of Tesla's bitcoins increased by $22 million from $321 million in the first quarter of 2023, and in the second quarter the automaker did not sell any digital coins.
Overall, in the second quarter, the company earned over $3.1 billion in net profit with $24.9 billion in revenue, which is 47% higher than the figures for the same period last year (revenue was then $16.9 billion).
The company's gross margin is falling for the second consecutive quarter (a decrease of 5.6% for the quarter and 27% for the year), indicating the negative impact of a sharp drop in company profit margins.
Investors are not very pleased with Tesla's financial performance, despite the recent positive delivery report - in the last three months, the company shipped 466,140 vehicles to customers, which is 83% more than in the same quarter of last year.
Elon Musk warned that production will slightly decrease in the third quarter due to factory upgrades, but this will not affect Tesla's plans to ship 1.8 million electric vehicles in 2023.
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