Did Tesla (TSLA) - Get Tesla Inc Report CEO Elon Musk just sing his earnings call swan song? Buried in a presentation loaded with fresh records for the company, Musk said he will likely no longer appear on earnings calls, "unless there's something really important that I need to say."
So what does it say about Tesla's future?
In a special episode of TheStreet Live, Jim Cramer was joined by Tesla Daily host and Tesla investor Rob Maurer to break down Tesla's latest earnings report and what it means for the electric carmaker going forward.
Watch the full interview with Cramer and Maurer live at 10:00 a.m. ET in the video below:
Starting With The Numbers
Tesla reported adjusted earnings of $1.45 per share on revenue of $11.96 billion, easily exceeding consensus estimates of 98 cents and $11.3 billion, respectively.
The company reported a profit of $1.142 billion on a GAAP basis, marking the company's first GAAP profit with the exclusion of regulatory credit sales, according to Tesla Daily.
"In the second quarter of 2021, we broke new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in our history," Tesla noted in its earnings release.
On the subject of Bitcoin, Tesla said that it took a $23 million impairment hit on its Bitcoin holdings in the quarter and that revenue from the sale of regulatory credits was pegged at $354 million.
As of the opening of trading Tuesday, Tesla stock was up over a percent to $664.77.
Semiconductors, Supply Chain and Eating Glass?
As with the rest of the automotive sector, Tesla noted an impact from the global semiconductor shortage. "Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2,"the company said.
"With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year," Tesla added.
Now,Cramer has told you once, twice and probably will tell you again, when it comes to Tesla, it all comes down to the conference call.
When asked about the process of ramping up production, Musk noted supply chain has a particular challenge, particularly as Tesla aims to get its new factories off the ground.
Musk also described the semiconductor shortage as "quite difficult."
Disclosure: Rob Maurer is long TSLA stock and derivatives.