Tesla Q2: A Major Earnings Hit (Rating Downgrade)

Tesla, Inc. delivered a solid revenue result in Q2, but earnings fell dramatically short of street estimates. Short-term performance was driven by strong auto sales amid high gas prices, shifting focus from long-term autonomous ambitions. TSLA stock trades at a substantial premium to the auto space and tech giants, but recent results don't justify this valuation. After the bell on Wednesday, we received second quarter results from Tesla, Inc. (TSLA). The electric vehicle maker had a strong sales period thanks to higher gas prices amidst the U.S.