2024-07-24 07:58:12
The American manufacturer of electric cars “Tesla” (Tesla) reported a drop in its profit in the second quarter by more than 40 percent on an annual basis. This was reported by DPA, referring to the manufacturer’s latest report.
The company posted earnings of $1.48 billion, or $0.42 per share, in the quarter ending April 2024. In the same period last year, Tesla’s profit was $2.70 billion, or $0.78 per share. .
The company’s revenue for the quarter rose 2.3 percent to $25.50 billion, compared with $24.93 billion in the second quarter last year.
“We achieved record quarterly revenue despite a difficult operating environment,” the company said when presenting the data.
“Tesla” is focused on reducing costs, developing the traditional business with hardware and accelerating the development of products and services with artificial intelligence, writes BTA.
“At the same time, we manage our product portfolio with a long-term orientation and focus on increasing sales, growing our existing base and generating sufficient cash flow to invest in future growth,” the company said.
Meanwhile, Tesla CEO Elon Musk launched a poll asking users of the social media platform X whether the automaker should invest $5 billion in artificial intelligence startup xAI, as the initial votes show strong support for the move.
“We need board approval and a shareholder vote, so it’s just a poll,” Musk said of the poll, which came after the electric car maker reported its lowest profit margin in five years due to reduced on the prices of their cars and increased spending on artificial intelligence projects.
Nearly 3 hours after the poll was published, approximately 386,000 people had participated in it, with 70 percent voting in favor of the investment.