Shares of Tesla, Inc. (NASDAQ:TSLA) are rising 2.62%, at the time of publishing, during pre-market hours today following a strong earnings report.

The company reported total revenue for the second quarter of $16.9 billion  which is slightly lower than analysts were expecting but still representing growth of 42% year over year. Tesla lists events such as growth in vehicle sales, increased average selling price (ASP), and growth in other parts of the business that have impacted its revenues. Analysts expected Tesla’s revenue to be $17.391 billion according to Benzinga Pro.

Even though total revenue was slightly lower than expected, Tesla's earnings per share (EPS) beat expectations. Analysts were expecting a report of $1.910 but the company reported an EPS of $2.270, beating the estimate by 18.85%.

While a miss in expected revenue could be seen as a negative, many are looking at other factors such as a slow supply chain or economic factors to explain it. It also remains evident that Tesla continues to grow in other aspects such as the solar industry which will bring in revenue from sectors other than EVs. 

Price Action: Tesla shares are up 2.62% in Thursday’s pre-market session, at the time of publishing.

Photo: Courtesy of Chris Yarzab on flickr