Shares of Tesla jumped late on Wednesday after the company reported second-quarter results that largely beat Wall Street expectations, despite analyst concerns about production taking a hit from months of Covid lockdowns in China.
Tesla’s stock rose less than 1% in after-hours trading after the electric vehicle maker reported mixed earnings, which showed production in the second quarter taking a hit from supply chain disruptions and a factory shutdown in China.
Tesla reported quarterly revenue of $16.9 billion—up 42% from a year ago but down from a record high of $18.7 billion in the previous quarter—while profit came in at $2.3 billion (down from $3.3 billion in the first quarter).
Analysts were expecting profit of $1.9 billion and revenue of $17.1 billion, according to Refinitiv data.
Investors had been expecting earnings to take a hit from China’s two-month Covid-19 lockdown in Shanghai, which resulted in the closure of Tesla’s factory there.
The electric vehicle maker has also started implementing some layoffs, after CEO Elon Musk said in June that he had “a super bad feeling about the economy.”