Tesla zoomed past analyst expectations in its quarterly results thanks to record-breaking car sales and Bitcoin trading. The company posted its earnings last night that noted $10.4 billion in revenue for Q1 2020 — matching the analyst expectations.
Despite the global chip shortage, Tesla delivered a record-breaking 184,877 cars in the quarter, beating the mark of 180,570 set in Q4 2020. This number was also much higher than the analyst expectation of 177,822 vehicle deliveries.
The firm also edged past Wall Street predictions of earnings per share (EPS) of $0.86 by registering $0.93 EPS in its balance sheet. While the company’s share prices were up by 1.21% at the close, it dipped 2% in after-hours trading.
Elon Musk and Tesla’s faith in digital assets also paid off. In January, the company announced that it had invested $1.5 billion in Bitcoin. The firm’s chief financial officer, Zachary Kirkhorn, said Bitcoin trading helped it earn $272 million — with $101 million in “positive impact”.
Musk tweeted that this trade accounted for 10% of the carmaker’s digital asset holdings. But he hasn’t sold any from his personal wallet…Read more>>