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27 July 21

Tesla reports more than $1 billion in net income during Q2, up tenfold from a year ago

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.
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. In the year-ago quarter, net income amounted to $104 million.
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 were 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.

Gold Down, Remains Below $1,800-Mark, Prior to Fed Policy Decision

Gold was down on Tuesday morning in Asia. Investors were cautious ahead of a U.S. Federal Reserve policy decision later in the week for clues over when the central bank will adopt a more hawkish tone.
Gold futures edged down 0.11% to $1,797.25 by 12:49 AM ET (4:49 AM GMT), remaining below the key $1,800 mark. The dollar, which normally moves inversely to gold, inched down on Tuesday. However, the greenback remained just below recent peaks and has been rising broadly for more than a month.
Fed officials will begin a two-day meeting later in the day, with the policy decision to be handed down on Wednesday. The central bank is likely to affirm that a strong U.S. recovery and plans for an eventual policy shift are both ongoing.
In Asia, Bank of Japan governor Haruhiko Kuroda will speak later in the day.

Oil Up, Hopes Rise that Vaccines, Tight Supply Will Offset COVID-19 Worries

Oil was up Tuesday morning in Asia, with prices steadying from Monday’s fall. Investors are hoping that tight supply and rising vaccination rates will offset the impact of rising global COVID-19 cases on fuel demand.
Brent oil futures gained 0.37% to $73.97 by 12:05 PM ET (4:05 AM GMT) extending the 0.5% gain recorded on Monday. WTI futures were up 0.32% to $72.14 after dropping 16 cents on Monday.
The surging number of COVID-10 cases prompted the U.S. to issue travel warnings to Spain and Portugal and a White House official to tell Reuters on Wednesday that wider travel curbs will not be immediately lifted.
But in the U.K., the lowest daily total of new Covid-19 cases since Jul. 4 was recorded on Monday, with hopes rising that the country’s latest surge in cases has passed its peak.

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