Tesla crosses $1 billion in revenue, up 10 times in 1 year! Musk braces shareholders for big change

Record high revenue for electric vehicle mogul Tesla as it reports $1 billion in revenues for the April-June quarter which is up 10 fold from the $104 million it reported last year in the same quarter. Profits for Tesla also beat estimates of over 90% of analysts as the results mark the eighth straight quarter of profit for the 18-year-old company.

Despite the bumper earnings Musk delivered some bad news to investors. as  he took a moment to brace shareholders that he will “no longer default” to speaking on, let alone leading, Tesla earnings calls after this quarter. “I will no longer default to doing earnings call,” Tesla’s chief executive officer said during the company’s second-quarter earnings call Monday. “Obviously I’ll do the annual shareholder meeting, but I think that going forward I will most likely not be on earnings calls unless there’s something really important that I need to say.”

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Musk also took a moment to make a snipe at 'rival' Apple, even though the two are not direct competitors. At a question about using material such as cobalt that are mired in controversy for human rights abuse, the Technoking of Tesla said “Apple uses I think almost 100% cobalt in their batteries and cell phones and laptops, but Tesla uses no cobalt in the iron-phosphate packs, and almost none in the nickel-based chemistries,” Musk said. “On on a weighted-average basis we might use 2% cobalt compared to say, Apple’s 100% cobalt. Anyway, so it’s just really not a factor.”