Defying analysts’ predictions that Tesla Motors would report a quarterly loss of $0.17 a share, the EV startup instead announced that it had a second quarter profit, after adjustments, of 20 cents a share, according to non-GAAP principles. On the news, Tesla stock went up 13% in after hours trading.When using GAAP principles, Tesla posted a net loss of $30.5 million for the quarter. Revenue related to car sales dropped from the first quarter by over $150 million to $401 million, reflecting deferred revenue on financed vehicles. Last year for the second quarter Tesla posted revenue of $26.7 million and a $105.6 million loss.On a non-GAAP basis, Tesla said second-quarter net income totaled $26 million, excluding special items and $100 million in gross profit with a gross profit margin of 22 percent. That gross profit does not include a lot of overhead items like r&d, and sales and administrative costs. With those factored in, Tesla said it had an operating loss of $12 million for the quarter.Part of the company’s bottom line has to do with the sale of zero emissions credits to other car companies. In the 2nd quarter, Tesla sold $51 million worth of ZEV credits and an additional $18 million… Read full this story
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