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Thndr Claps » U.S. Claps » Tech 📲 » Tesla hit their profit target ↗️

Tesla hit their profit target ↗️

by Omar El Shorafa
July 21, 2022
Tesla, TSLA, Nasdaq

The Clap
Tesla reported a drop in quarterly profit that was less than expected.

The Deets
Tesla had a lower than expected drop in profit due to a string of price increases for EVs that helped tackle the challenges from the pandemic. They posted an adjusted profit of $2.27 per share, higher than the expected $1.81.

Tesla still wants to reach 50% growth in deliveries. Tesla stated that the problem they face is a production problem rather than a demand problem. 

Musk, Tesla CEO, claims that the factories in China are producing at a strong rate.

Why does this matter?
The news pushed shares of Tesla up by 1%. This is still down about 40% from the peak level the stock reached in November.

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