Changes in US stocks | Tesla (TSLA.US) fell more than 9%, Q2 net profit fell short of expectations, and gross margin declined further

The Zhitong Finance App learned that on Thursday, Tesla (TSLA.US) fell more than 9% to $337.38. According to financial reports, Tesla achieved revenue of 28.24 billion US dollars in the second quarter, exceeding market expectations and increasing 26% year on year. This is the first time in three years that revenue has increased by more than 20% year on year. However, operating profit for the second quarter was only US$398 million, far below market expectations of US$1.39 billion; adjusted earnings per share were $0.33, down 18% year on year, and fell far short of expectations; gross margin was 16.8%, lower than analysts' expectations of 19.4%, and overall gross profit margin of 21.1% for the first quarter.

Notably, Tesla's free cash flow for the second quarter was -1.09 billion US dollars, the first negative in a single quarter since the first quarter of 2024. Tesla executives said that the negative free cash flow was due to capital expenditure doubling month-on-month in the second quarter. It is expected that capital expenditure will continue to grow over the next two to three years, and reiterated that this year's capital expenditure will exceed 25 billion US dollars.

Tesla mentioned in its earnings announcement that the company is in the largest and most exciting investment stage. It still needs to make great efforts in the future. It is committed to using AI technology to transform the fields of transportation, energy and productivity. The expansion of business scale will show non-linear characteristics, and the company will always focus on creating long-term value. This statement suggests that the pace of massive investment will not slow down, and that pressure on the profit side will increase.