Tesla, Inc. (NASDAQ:TSLA) reported quarterly record revenue of $24.93 billion after the market closed on Wednesday, surpassing the consensus estimate of $24.48 billion. The remarkable financial performance has sparked excitement about Tesla’s potential to hit a major revenue milestone.
According to CTV National News anchor Jon Erlichman, if Tesla continues its impressive performance in the third and fourth quarters, it could reach the $100 billion annual revenue mark faster than many large-cap companies.
In the first quarter, Tesla recorded revenue of $23.33 billion, bringing the total for the first half of the year to $47.81 billion.
Estimates for the third and fourth quarters indicate revenue of $25.36 billion and $26.83 billion, respectively, which suggests Tesla may cross the $100 billion mark in fiscal year 2023.
Compared to some of Tesla’s large-cap peers, achieving this milestone relatively quickly would be a significant feat. Jeff Bezos-founded Amazon.com Inc (NASDAQ:AMZN) took 21 years to rake in $100 billion over a financial year, while Alphabet Inc-owned (NASDAQ:GOOG) (NASDAQ:GOOGL) Google took just 19 years.
As the economic fundamentals improve, Tesla is poised for incremental improvement. Its newest Gigafactories are scaling up, and the company’s technological edge promises production efficiency. However, aggressive price cuts to maintain cost superiority may challenge competitors in the electric vehicle space.
Tesla’s stock closed Wednesday’s session at $291.26, representing a 0.71% decline, and fell an additional 4.19% in after-hours trading, according to Zenger News Pro data.
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
