Tesla has reported a decline in its profits for the last quarter, as the automotive company led by Elon Musk invested more in research and development (R&D).
The net profit of the company based in Austin, Texas, was $1.11 billion or 32 cents per share in the second quarter. Excluding certain one-time factors, earnings per share were 33 cents, significantly lower than Wall Street analysts' forecast of 53 cents according to FactSet.
At the same time, the company's revenue grew by 26%, reaching $28.24 billion. This figure also exceeded analysts' expectations, which were set at $26.42 billion.
Although Tesla's core automotive business continues to show stable growth, the company is now prioritizing the development of artificial intelligence-based infrastructure and software. These technologies are foundational for Tesla's robotaxi and robotics projects, which Elon Musk estimates are the main directions for the company's future development. However, implementing this strategy requires significant financial investments.
As a result, R&D expenses increased by approximately 49% compared to the same period last year, reaching $2.37 billion. This is one of the highest R&D expenditures for the company in at least the last four quarters.
