Tesla beats quarterly revenue estimates

Electric carmaker Tesla Inc on Monday beat Wall Street expectations for second-quarter revenue on the back of record deliveries, despite the impact from a prolonged global shortage of chips and raw materials. The carmaker, led by billionaire entrepreneur Elon Musk, said revenue rose to $11.96 billion from $6.04 billion a year earlier, when its U.S. factory was shut down for more than six weeks due to local lockdown orders aimed at curbing the spread of the coronavirus.

Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.