This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
What happened
While Tesla (NASDAQ: TSLA) stock has been a big winner over the last year and a half, it’s actually down about 6% year to date, underperforming the overall market. That is one reason investors are awaiting the company’s second-quarter results due after the closing bell today. That anticipation has Tesla shares trading about 3% higher Monday, as of 1 p.m. EDT.
So what
The leading electric car company’s second-quarter earnings report comes on the same day that a closely watched potential rival began trading publicly. Lucid Motors, which expects to deliver its first luxury electric sedans later this year, is now listed on the Nasdaq stock market. But for today, investors are focused more on what Tesla will say later this afternoon.
Now what
Tesla’s second-quarter report comes after the company previously announced it produced more than 206,000 vehicles in the three months ended June 30. That’s more than twice the 82,272 vehicles the company manufactured in 2020’s second quarter. Analysts think that large increase helped the company generate record revenue and profits in the second quarter.
Expectations are for revenue to soar to about $11.4 billion, compared to $6 billion in the year-ago period. The average analyst estimate is for profit of $1.20 per share, according to data from MarketWatch.
Tesla investors will also be watching how Lucid will perform once it ramps up production. The Lucid Air sedan is expected to be the first electric vehicle to provide a range of more than 500 miles, and could potentially challenge Tesla’s Model S domination of the high-end electric car market. But for today, the upcoming financial report this afternoon is what investors are looking forward to.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
The post Why Tesla stock bounced ahead of earnings appeared first on The Motley Fool Australia.
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Howard Smith owns shares of Lucid Motors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
from The Motley Fool Australia https://ift.tt/3zHqpaW
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