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Auto giant Tesla reports more than $1 billion in net income during second quarter

Elon Musk's Tesla reported second-quarter earnings after the bell Monday, and it’s a beat on both the top and bottom lines. Shares rose about 2% after-hours. Here are the results.

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Auto giant Tesla reports more than $1 billion in net income during second quarter
Auto giant Tesla reports more than $1 billion in net income during second quarter

Earnings: $1.45 vs 98 cents per share adjusted expected, according to Refinitiv

Revenue: $11.96 billion vs $11.30 billion expected, according to Refinitiv

The company reported $1.14 billion in (GAAP) net income for the quarter, the first time it has surpassed $1 billion.

Overall automotive revenue came in at $10.21 billion, of which only $354 million, about 3.5%, came from sales of regulatory credits. That’s a lower number for credits than in any of the previous four quarters. Automotive gross margins came in at 28.4%, higher than in any of the last four quarters.

Tesla had already reported deliveries (its closest approximation to sales) of 201,250 electric vehicles, and production of 206,421 total vehicles, during the quarter ended June 30, 2021.

The company also reported $801 million in revenue from its energy business, including solar photovoltaics and energy storage systems for homes, businesses and utilities, an increase of over 60% from last quarter.

While Tesla does not disclose how many energy storage units it sells each quarter, in recent weeks Musk said, in court, that the company would only be able to produce 30,000 to 35,000 at best during the current quarter, blaming the lag on chip shortages.

Tesla also reported $951 in services and other revenues. The company now operates 598 stores and service centers, and a mobile service fleet including 1,091 vehicles, an increase of just 34% versus a year ago. That compares to an increase of 121% increase in vehicle deliveries year over year.

A $23 million impairment related to the value of its bitcoin holdings was reported as an operating expense under “Restructuring and other.”

The company’s cash position decreased about 5% from last quarter, to $16.23 billion. The decline was “driven mainly by net debt and finance lease repayments of $1.6B, partially offset by free cash flow of $619M,” the company said in its earnings statement.

Accounts payable — the amount of money Tesla owes suppliers and other service providers — rose by  13.7% from the previous quarter to $7.56 billion.

During the quarter, among other challenges, Tesla faced a backlash from consumers in China, recalls in China and the US, and delayed deliveries of the high-performance version of its flagship sedan, the Model S Plaid.

Institutional and retail investors asked for updates on when the company plans to start commercial production of its Cybertruck and custom battery cells, and how Tesla will weather ongoing parts shortages and the rising cost of raw materials that CEO Elon Musk previously complained about.

Parts shortages have been stubbornly persistent for Tesla and other automakers. In its shareholder deck, Tesla said that it had delayed the launch of the Semi truck program until 2022.

On the shareholder call Monday, Musk said a “big struggle this quarter” was to procure enough modules that control the airbags and seatbelts in Tesla vehicles. The lack of supply limited the company’s production both in Fremont, California, and Shanghai.

Musk also said that many fans ask why Tesla doesn’t just make its own chips to avoid shortages. He said that supply chain issues are something Tesla will solve with suppliers, laughing that “It’s not like you can just whip up a chip fab.”

Because Tesla uses a lot of the same semiconductors and battery cells in cars as it does in energy storage products, Musk said, the company has reduced its production of Powerwalls, and its Megapack battery systems for use at power stations is sold out until the end of next year.

SOURCE: CNBC 

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 3 months.

Pakistan

Pakistan sees surge in COVID cases, active tally reaches 1,194,198

Islamabad: Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

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Pakistan sees surge in COVID cases, active tally reaches 1,194,198

According to National Command and Operations Center (NCOC), around 4,062 cases of coronavirus were reported while 84 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,497.

The total number of cases has reached 1,194,198.

As many as 1,076,112 patients have recovered from the disease with 5,383 critical cases.

Punjab                 

The number of patients swelled to 408,758 in the province with 12,135 causalities.

Sindh

The number of infections has surged to 441,410 in the province, while the death toll has reached 7,073.

Khyber Pakhtunkhwa

The confirmed cases have surged to 166,564 in the province with 5,175 casualties.

Balochistan

There are 32,480 confirmed cases while 342 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,037 coronavirus cases in the AJK while the death toll has reached 714. On the other hand, there are 10,109 cases in GB with 179 coronavirus deaths.

Islamabad

There are 101,840 cases in the capital city while 879 people have lost their lives.

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Sports

SumaiL and YawaR to contest for $40 million prize money from Dota 2, The International 10

Two Pakistani brothers, Syed Sumail "SumaiL" Hassan and Yawar "YawaR" Hassan will participate in The International 10 which has a prize pool of $40 million.

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Phote: Yawar "YawaR" Hassan (left), Syed Sumail "SumaiL" Hassan (right) in their team jerseys

Hailing from Karachi, Pakistan, Syed Sumail "SumaiL" Hassan and Yawar "YawaR" Hassan have shown their immense talent in the well acknowledged MOBA and MMORPG game, Dota 2. Sumail has previously participated and won the 5th version of the tournament at the age of 16 years and 176 days old and became the youngest player ever to win over a million dollars. Both of them have briefly played together in the same team Quincy Crew, but Sumail left in nearly 3 weeks of being in the team. 

Sumail and Yawar are brothers. Yawar is 2 years older than Sumail. They both moved to Rosemont, Illinois when their family relocated in 2012 and started competing in the North American region where competition has always been very tough. Sumail's gameplay was so impressive that he was recruited by the number one North American ESports organization at that time in 2015, Evil Geniuses, who not only recruited him when he was only 16 years old but also gave him the responsibility of one of the leading core roles of the game, the midlane. Not only did he impress the world with his classy and bold plays, he proved his skills to the world by winning The International 2015, becoming the youngest millionare in the history of ESports.

His older brother Yawar, has also been competing at the highest level since they both began playing the North American region, however, Yawar only had the opportunity to play The Internation only once before, while Sumail had been participating in TIs since 2015 representing EG. This would be the second time the brothers will be up against each other representing different teams for a prize pool of $40 million.

SumaiL will be representing the team OG with the ingame name of OG.SumaiL in the coming tournament where he would be playing the role of a core player as position 1, more commonly known as the 'carry' position in the game, whereas Yawar will be playing in the well acknowledged team from North America, Quincy Crew, with the in game name QC.YS. His position would be the same as SumaiL's which is position 1.

Sumail in ESL Frankfurt 2015

SumaiL has been hailed as the King of the game for almost 6 years now given that he astonished the world with his immensely aggresive and smart plays when he used to play the role of position 2, also known as the midlaner, for the North American team 'Evil Geniuses'. In 2015, SumaiL claimed the Aegis of the Immortal, which is the name of the trophy presented to the winners of the largest esports tournament in the world, The International, Dota 2 Championships. His total earnings as of 21st of September, 2021 are $3,617,984.01 from 73 tournaments around the world, making him the highest esports earner as well as the youngest millionare in the history of eSports.

Yawar playing Dota 2
Yawar has prominently risen to fame in the recent years where he and his team the Quincy Crew, ranked number one in the North American region beating their rivals Evil Geniuses in the ranking system of Dota 2 called the Dota Pro Circuit (DPC) in the year 2020, following multiple tournament wins from different small to medium level tournaments of Dota 2. Due to Yawar's immensely versatile set of heroes, he has been playing a vital role in the team providing the team the ability to drive many different strategies due to his large hero pool. Yawar's current total earnings are $432,911 From 43 Tournaments.

The path to qualification for this year's The International was not at all easy for both the brothers as SumaiL was no longer playing in the DPC as he was a free agent, he played as a stand-in for Team Liquid, also a top tier team and a former TI winner, when one of their players Samuel 'Boxi' Svahn  decided to take a break, however, that pairing didn't work out as the team poorly performed in the Major. Yawar on the other hand, played immensely well in this tenure, beating top tier teams from around the world with his team QC. Due to multiple wins at the highest level, QC was already very high in the rankings of the DPC, following up with a mediocre performance in the Major where his team stood 6-7th place. This was enough to secure a position at The International 10 which will be held between Thu, Oct 7, 2021 – Sun, Oct 17, 2021.

For Sumail, the days turned to joy when he was recruited back to the only two times back to back TI winners in the previous years 2018 and 2019, OG as position 1 carry player, but it wasn't easy as OG had been poorly performing in the DPC causing them to be very lower ranked in the DPC rankings and due to this they had to fight through the NA qualifiers to earn a place at the TI to defend their title. The path through the qualifiers wasn't easy, fan favourite teams like Nigma, Team Liquid and Tundra ESports were also fighting in the qualifiers. However, once Sumail was settled in the team, his performances immensely improved and stunned many of their competitors as they marched through to the upper bracket finals in the qualifiers, only to be beaten by Tundra Esports and fall down to lower bracket where one of the toughest teams in the world, Team Nigma, was waiting for them. Following up with the loss to Tundra, OG didn't lose their motivation as they beat Team Nigma 2-1 in a best of three series to progress to the grand finals of the NA qualifiers where they had to face Tundra again. This time around, however, OG didn't make the same mistakes they previously made agaisnt Tundra and fought to the last battle and defeated them very convicingly in the 5th and final game of the grand finals which was a best of five, 3-2 to OG.

Tournament Dates to follow:

 Thu, Oct 7, 2021 – Sun, Oct 17, 2021

As Pakistanis, GNN wishes them the best of luck and is rooting for the both of them.

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Regional

New island emerges near Balochistan’s Kund Malir beach

A new island have popped up near Sonmiani beach of Balochistan— discovered by the fishermen sailing along the coast on Thursday.

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New island emerges near Balochistan’s Kund Malir beach

The technical advisor on marine fisheries at World Wild Fund (WWF), Muhammad Moazzam Khan said that the new island appeared in west off the coast of Sonmiani near Kund Malir.

“Such phenomena occurs due to geographical changes within the ocean depths,” he said adding that these kind of small islands emerge, remain in place for a while and then diminish back into the waters.

It is pertinent mention here that such Islands had earlier emerged at the same location in 2000 and 2010.

The first known emergence, during November 1945, was concurrent with an earthquake of magnitude 8.0.

The 2nd and 3rd emergences were in March 1999 and November 2010 respectively.

In 2013, an island emerged off Gwadar coast after a powerful 7.7 magnitude earthquake struck Pakistan. However, the island disappeared after some time.

Landsat images of March 1999 and November 2010 emergences indicate appearance of round-shaped island of 4.4 and 5.2 hectare area, followed by erosion and disappearance. The island was composed of mud breccias and circular vents spewing mud slurry and methane gas.

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