Tesla recorded a $2.3 billion profit in its second quarter 2022 earnings, which were revealed on Wednesday. For Tesla and Elon Musk, this was a loss; to us, it appears like a large sum. This is actually the company’s first consecutive profit loss in nearly a year, according to Gizmodo. According to the article, Tesla swapped 75% of its Bitcoin stock into fiat currency. As a result, the company’s balance sheets now show $936 million in cash. The company reportedly lost a tonne of money during the cryptocurrency crisis and could lose up to $460 million from its bitcoin assets, according to a report from Coin Desk.
Tesla purchased the Bitcoin stock in February 2021, when the cryptocurrency was worth 35 per cent more than its current market value. The EV company also disclosed quarterly revenues of $16.9 billion, a drop more than 10% from $18.8 billion in the first quarter as margins shrank due to inflation and escalating competition in the EV industry.
Tesla stated in its quarterly update: ‘We kept moving forward significantly across the company. During the 2022 second quarter. Despite several difficulties, such as limited output and Shanghai shutdowns for the bulk of the quarter, we were able to complete the quarter with the largest vehicle production month in our history, with an operating margin of 14.6 percent, which is among the top in the industrial history.
Tesla has recently seen a number of setbacks, including the 22-day shutdown of its Shanghai factory, halts in production due to supply chain problems, and even several recalls due to the rising number of incidents involving its much-lauded ‘autopilot’ feature.