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Tesla earnings are out stock is flat right now this video is going to provide an update on earnings also going to look at a chart I'm going to tell you where the stock could go and some commentary I need to interrupt you here so I made this video right after earnings came out and then more information came the earnings call happened and the stock went really from Flat actually was up a little bit then it was flat now it's down about five percent after hours and I'm gonna share the reasons why so watch this video it's going to provide all the information from the earnings and I'm also going to provide some extra comments here I'm going to edit some extra commentary in the video as well this is worth your time thanks for watching on the market cap on Tesla is about 912 billion dollars right now that p e ratio again that's 12 months trailing is 85.75 52 week low it was a hundred one dollars and 81 cents 52 week high 314.67 and here to date Tesla's up almost 170 percent so the big Focus for this earnings is going to be margins and the impact on those price cuts and those tax credits and that's really what Ann analysts are looking at so the headline Tesla books 24.9 billion in Revenue with margin declining after price Cuts Tessa posted an all-time high quarterly Revenue but operating margin dropped to 9.6 percent so Tesla non-gaap EPS of 91 cents Beats by 9 cents revenue of 24.93 billion Beats by 200 million dollars now the Gap net income was 2.7 billion dollars that's an increase of 20 percent from last year and earlier in the month we got deliveries from Tesla they were very strong so for Q2 2023 we had total deliveries 466 140 and total production was 479 700.
now these numbers beat analysts expectations and deliveries Rose 83 percent year over year that's a big number so these deliveries were higher than expected that's partially driven by those incentives those tax credits and those discounts and correspondingly you had operating margins coming a little bit lower and this was the concern going into earnings so operating margins came in at 9.6 percent that's the lowest for at least the last five quarters total gross margin came in at 18.2 percent also a low for that same period so net income of 2.51 billion dollars on revenue of 23.33 billion dollars so look in year over year quarter so during the second quarter last year Tesla reported an income of 2.27 billion dollars on 16.93 billion dollars in Revenue so that revenue is quite a bit higher of course more deliveries that net income is higher from 2.27 billion to 2.51 billion but those margins are lower and part of that's also from research and development so Tesla's spending money on R D 943 million dollar that's an increase from 771 million in that first quarter part of this has to do with AI and other projects they're investing money in and I'll talk more about that here later now I always do these videos right when I get into information we don't have the earnings call yet so the stock could be volatile it could go higher or lower depending on the commentary shareholders are also hoping to get an update on Cyber truck as well okay so again margins we got to focus on margins here so operating margin came in at nine point six percent of sales and that's falling from eleven point four percent in that last quarter other factors impacting profitability where the cost production ramp up sells an increase in operating expenses driven by a cyber truck Ai and other large projects as well as negative FX impact so total Gap gross margin was 18.2 percent now that's compared to 25 a year ago and 19.3 percent the prior quarter so when you look at that number it's down 1.1 percent for the prior quarter I think some people might have thought that'd be worse but with that said analysts had forecasted gross margins at 18.7 percent so it did come in a half percent lower than that expectation now CFO of Tesla earlier this year said that FY 23 they expected to remain above 20 percent with average selling prices in the high 40K range but this recent round of price cutting has altered that margin story as well as those additional expenses and investing in the future this is something interesting here solar fell 38 year over year but storage deployed was up 222 percent year over year now that is interesting solar down 38 percent is that going to impact companies like say enface we'll have to see with earnings now this is the investor deck hot off the presses right from Tesla investor relations profitability 9.6 operating margin we talked about so that Gap operating income is 2.4 billion net income 2.7 billion operating cash flow of 3.1 billion they do have free cash flow of a billion dollars they also increase their cash in cash equivalents they have 23.1 billion dollars so record quarter on many levels with our best ever production deliveries and revenue approaching 25 billion dollars in a single quarter we are excited that we're able to achieve such results given the macroeconomic environment that we're currently in our operating margin remain healthy at approximately 10 percent even with price reductions in q1 and early Q2 this reflects our ongoing cost reduction efforts the continued production ramp up success in Berlin Texas and the strong performance of our energy and services and other businesses it also talks about AI their commitment and being at the the Forefront of AI development in conclusion they're focusing on cost reduction new product development that will enable future growth as well as continued product Improvement and generation of free cash flow so this is a very positive quarter on many aspects it's really the margins that's the focus here they beat on both solid free cash flow cash and cash equivalents very solid they increase that by 0.7 billion you can see like total Automotive Revenue so this is going back to Q2 2022 and this is this recent quarter here Q2 of 2023.
so you can see that scale nicely from 14602 to 21268 and these numbers are in millions but that's 46 percent year-of-year growth energy generation and storage Revenue up 74 services and other Revenue up 47 total revenue of 47 now the gross profits up only seven percent and that total Gap gross margin is down 682 basis points you can see operating expenses have increased at 21 so overall solid total revenue growth 47 year of a year in Q2 almost 25 billion dollars so operating income decreased slightly year over year to 2.4 billion in Q2 resulting in that 9.6 operating margin year over year let's talk about capacity so Q2 we produce a record number of vehicles thanks to ongoing ramps at new factories so in the United States California and Nevada and Texas at gigafactory Texas in addition to the continued success of model y ramp we are also working on equipment installation for cyber truck production which remains on track for initial deliveries this year Shanghai China since our Shanghai Factory has been successfully running near full capacity for several months we do not expect a meaningful increase in weekly production run rate gigafactory Shanghai remains our main export Hub and then Europe and Berlin our Factory in Germany produced standard Range model y vehicles in Q2 for the first time you can see the production up here and you've got the Tesla semi coming up here that's pilot production right now you've got next-gen platform it says in development and then the Roadster to be determined and then cyber truck up here that says tooling so get really close this is market share of Tesla vehicles by region and you can see this number has gone up quite a bit especially this blue line here which is U.S and Canada this is also an impressive slide talking about Ai and we talk about Tesla it's not just a car company it's not your mom and dad's car company this is an AI company so four main technology pillars are needed to solve vehicle autonomy at scale extremely large World data set neural net training vehicle hardware and vehicle software and look at this here cumulative miles driven with FSD beta this is in millions look at that ramp from 2021 to current and we're approaching 350 million miles driven so if you're curious about the services and other businesses this is talking about second quarter of 2023 has been a quarter of super charging a significant number of companies including four GM Mercedes Nissan Pulstar rivian Volvo and more have announced adoption of their charging standard developed by Tesla over a decade ago further Opening Our charging Network in 2024 will enable both faster Market conversion from combustion vehicles to EVS as well as faster growth for our charging Network through a larger addressable Fleet and it is interesting here again that solar is down and we have to keep an eye on some of those solar stocks this is big volume we're planning to grow production as quickly as possible in alignment with their 50 compound annual growth rate target they've been guiding that since early 2021.
in some years we may grow faster in some years we may grow slower depending on the number of factors for 2023 we expect to remain ahead of the long-term 50 compound annual growth rate with around 1.8 million vehicles for the year now if Tesla does not cut prices any further I think this might be the bottom in terms of margins I think those margins are going to start to improve from this point and if they can continue to produce record amounts of production and deliveries improve those margins especially if they're going to spend maybe a little bit less money in certain areas I think that those margins are going to go higher from here now next I'm going to look at a chart and I'm going to show you where I think the stock might go we're going into earnings season I'm going to be doing a lot of videos like this you won't want to miss those so make sure you subscribe and click that Bell if this full does not tell me what to make what to tell you guys now every single Wednesday we do what's called chart day and Patr that's commentary from a previous chart day yellow is today's chart day so we did chart day this morning and Tesla was actually on that video and my comment was that earnings are tonight so we really have to see what the earnings are going to be I mean the technicals are showing that the stock wants to go higher but if there's a big earning miss the Stock's gonna sell off I said the upside would be 300 at first that I could go over 300 and that R3 is up here around 323 dollars now if it were to sell off that first support level is going to be around 275 where this blue line is and if it breaks down really heavily these moving averages are way down here these are Fibonacci pivot Points and this is a Fibonacci retracement this is the 50-day SMA it's a simple moving average the red is the 100 purple is the 200.
and you can see it's ripped hard I mean it's almost parabolic this stock was 101.81 cents the beginning of the year it popped from 101.81 cents to 217.65 sold off a little bit it's about 152 and then rallied up here close to 300 so right now post Market it's actually green it's 292 dollars so it's up slightly it closed at 291.26 I think if the momentum continues now we are going to have mega cap Tech earnings next week and that could cause a market sell-off I mean things are overbought in fact the RSI and Tesla is over 70 so it is getting into overbought territory hopefully you're buying the stock lower you know 101 to 150 in this range so update here I'm editing this into the video the video is already done and I came back and I added this in because the earnings call is going on now on the company's earnings call CEO Elon Musk said we can continue to Target 1.8 million vehicle deliveries this year but expect Q3 production to be a little down because we've got summer shutdowns for a lot of factory upgrades I think this is part of the reason for the sell-off the stock was basically flat there were a couple things on the earnings so margins is a concern I think the market was digesting that there's a couple things going on here number one this comment basically telling you that production might be down in Q3 so Wall Street they're thinking about six months not six years they might sell off a little bit and say hey we'll come back to this later it's had a nice run and the stock is expensive it's had a huge rip from close to 100 to almost 300 and the RSI is over 70.
so on the technical analysis here I'm telling you that the stock could go higher I think this year and I think that's still possible but it's not going to be in a straight line it could consolidate a little bit you saw some of those support lines 275s that support level that first support level it could go lower than that and I think if it goes back in that 250 Ranger Under that's the area where our dollar cost average longer term for a long-term investment and I think this could be back in that trillion dollar market Club here in 2023.
you might even see it as high as 325 dollars now I'm not saying these should go necessarily buy Andover fists and it's not a cheap stock here but I do think from the technical level it's going to go higher especially if investors digest this earnings to this side that the the margin trough is in
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