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Tesla posts surprising $104 million profits in Q2

As Tesla ideally overcame around seven-week pandemic situation related lockdown and shutdown at its US assembly plant to the post a surprising of around of $104 million net profit for the second quarter as well. It was the company’s fourth straight positive quarter that qualifying it to be included in the around of the S&P 500 index of the corporate titans as well.

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A decision on that will be made later. The Local govt restrictions simply forced the electric car and so also solar panel maker to close its only the US assembly factory in Fremont, at California, from 23rd March to 11st May.

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Additionally, The company also paid roughly around 10,000 workers for the part of the lockdown and the shutdown and also continued health care so also other benefits as well. The Excluding one-time items such as around $347 million in stock that based
on compensation, Tesla made around $2.18 cents per share.

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That beat Wall Street estimates of a break-even quarter, according to sources as well. Revenue was down around 4.9 percent from a year ago to around $6.04 billion for the quarter as well. That still beat estimates of USD around 5.15 billion.

The company also told that its progress in the first half of the year which has been positioned as it for success in the second half that the production output simply continues to improve it as well.

Telsa also told that it has been picked a site for its second U.S. assembly plant, which although the location wasn’t even released. The surprising profit, which loss a year ago, pushed Tesla’s shares up around 5.1 percent to around $1,674.09 in after-hours trading which compared with around $408 million.

Also Read: Against a fall of 6.8 percent in March- quarter Chinese economy expanded 3.2 percent in the June quarter