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. Shares of the world's most valuable automaker were up 1.3% in extended trade.

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.

Shares of the world's most valuable automaker were up 1.3% in extended trade. Despite the pandemic and the supply chain crisis that have marred the auto industry, Tesla earlier this month was able to post record deliveries during the quarter, although it heavily relied on sales of its cheaper models including Model 3 sedans and Model Y crossovers.

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.