5 Companies That Just Smashed Earnings Estimates

3. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 80

Shares of Tesla, Inc. (NASDAQ:TSLA) rallied nearly 10 percent on Thursday, July 21, 2022, after delivering another solid quarter. The electric vehicle (EV) giant reported adjusted earnings of $2.27 per share for Q2, well above $1.45 per share in the same period of 2021.

Revenue for the quarter also climbed 42 percent versus last year to $16.9 billion. Analysts were expecting Tesla, Inc. (NASDAQ:TSLA) to report earnings of $1.80 per share on sales of $17.1 billion.

On the downside, Tesla, Inc. (NASDAQ:TSLA) reported an automotive gross margin of 27.9 percent, compared to 28.4 percent in the year-ago period.

Discussing the results, Tesla, Inc. (NASDAQ:TSLA) said in a statement:

“We continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history.”