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Tesla's Q2 profit dented by Shanghai shutdowns, still beats estimates

Company unloads most of its bitcoin trove for nearly $1bn

A Tesla on display in China. The company's Shanghai factory rebounded from closures to its best-ever production levels.   © Reuters

NEW YORK -- Tesla met or exceeded Wall Street expectations in its second-quarter earnings on Wednesday but posted its first quarter-to-quarter profit decline since late 2020 following extended shutdowns of its Shanghai factory.

The company reported a $2.3 billion net profit for the second quarter, beating expectations. But this was still down sharply from the first quarter's record result of $3.3 billion.

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