Tesla Reports Mixed Q2 Results Amid Revenue Slump
Tesla shares fell nearly 5% in after-hours trading following the company’s release of mixed results for the second quarter, primarily driven by a slump in automotive revenue. The stock ended trading at $317.80, according to Google Finance.
Earnings Overview
Automotive revenue fell 16% year-on-year during the second quarter, while total revenue decreased by 12% compared to the same period last year. Tesla attributed the decline to various factors.
Bitcoin Holdings See Value Growth
Tesla’s cryptocurrency portfolio retains a notable presence in the market. The company’s Bitcoin holdings, which remain unchanged in quantity, have grown to value over $1.23 billion. Current holdings of 11,599 BTC (worth approximately $1.36 billion per exchange rate) place Tesla in the top ten companies holding Bitcoin publicly.
“This [Bitcoin mark-to-market] will just keep creating volatility based on the Bitcoin price,” noted Tesla’s CFO, Vaibhav Taneja.
Tesla’s Technological Aspirations
According to Tesla’s official communications, the company aims to lead in AI and robotics. CEO Elon Musk revealed on social media the launch of a robotaxi service in Austin and confirmed robots serving food at the Tesla Diner.
Musk has hinted at future developments, including robotic workforce upgrades with “cute” outfits.
Tesla Diner Opens in West Hollywood
Premiering in West Hollywood, California, the Tesla Diner operates 24/7, seating up to 250 guests. Current Optimus robots serve popcorn, with Musk suggesting expansion to table service next year.
“We’ll go from a world where robots are rare to where they’re so common that you don’t even look up.”
Critics have pointed to relatively high pricing ($13.50 for the “Tesla Burger”), but positive sentiment was signaled by event attendance and favorable reception on Tesla’s integrated AI chatbot Grok.
Byline: [Your Name/Associated Name]
[Date]
