Tesla (NASDAQ: TSLA) battled several headwinds in the second quarter ended June 30, including a difficult macroeconomic environment and COVID-related lockdowns leading to a three-week closure at Gigafactory Shanghai in China. But the trouble didn't stop there. Shortly after the factory reopened, supply chain problems brought production to a near-standstill in May. Collectively, those obstacles caused a substantial deceleration in production and delivery totals compared to the prior year, and both metrics declined sequentially.

On a related note, uncertainty surrounding the COVID situation in China led Tesla's management to sell about 75% of its Bitcoin. That move bolstered its balance sheet with $936 billion in additional cash, but Bitcoin was still a headwind to profitability, as its value dropped sharply during the ongoing crypto market crash.

Even so, Tesla beat Wall Street's estimates on both the top and bottom lines. Revenue climbed 42% to $16.9 billion and non-GAAP earnings soared 57% to $2.27 per diluted share. After that solid performance, is the stock a buy?

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Source Fool.com