TechFlow news — Tesla released its second-quarter financial results after Wednesday's market close. The company reported revenue of $16.9 billion for the quarter, a year-over-year increase of 41.6%. Specifically, Tesla’s Q2 revenue reached $16.934 billion, up 42% compared to $11.958 billion in the same period last year; net profit was $2.269 billion, compared to $1.178 billion in the prior-year period; net income attributable to common shareholders was $2.259 billion, a 98% increase from $1.142 billion a year earlier. The report also revealed that during the quarter, Tesla sold the majority of its Bitcoin holdings, converting approximately 75% of its Bitcoin position into fiat currency, generating $936 million in cash. During the subsequent earnings call, Musk stated that Tesla did not sell any Dogecoin, and that the sale of Bitcoin was aimed at improving the company’s cash position, while expressing openness to increasing Bitcoin holdings in the future.
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