Tesla Profit Misses as Elon's Costs Outrun Record Revenue
Tesla Profit Misses as Elon's Costs Outrun Record Revenue.
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Tesla beat on revenue and missed badly on profit for the second quarter, adjusted EPS of 33 cents against an expected 51 cents, even as revenue came in at $28.24 billion versus $25.71 billion forecast. The stock slid 3% in extended trading.
At this point, Tesla shareholders have fully accepted their role as the willing submissive in a very public arrangement with Elon Musk: the gimp masks go on, the whip cracks, the safe word never gets used, and everyone shows back up for the next session regardless.
The filing tells you exactly where the money went, and the answer is: mostly to Elon. Stock-based comp nearly doubled to $1.15 billion, largely the CEO Performance Award vesting, meaning Musk got a raise the same quarter operating margin collapsed to 1.4% from 4.1%. Capex nearly tripled to $5.79 billion, funding the AI buildout and the Austin chip fab, a bet financed partly by free cash flow that went negative $1.09 billion. Revenue grew cleanly, record deliveries, record Services and Energy, but opex grew 47% against 26% revenue growth, the entire margin story in one sentence.
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Then there's the timing. Musk spent the same stretch taking SpaceX public in a record IPO, a rocket company that's since shed more than 40% of its value, all while collecting a bigger comp package at the company posting the profit miss. Paying yourself handsomely while tripling capex and floating your other trillion-dollar venture onto public markets is so balls-out Elon Musk that even Elon Musk has to wonder what life would be like if the SEC still really existed.
There's also a sweetener in GAAP net income: a $1 billion unrealized paper gain on Tesla's SpaceX stake, stripped out of the non-GAAP number that still missed. Shares are down 11% this month, 17% on the year, tracking the SpaceX slide almost tick for tick. Two Musk companies, one investor base still showing up for more.
Sinergia Empresarial continuará el seguimiento de esta información sobre tesla Profit Misses as Elon's Costs Outrun Record Revenue y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
