Tesla posts record net income of $438 million, revenue surges by 74%
KEY POINTS
- Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.
- In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”
- On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.
Tesla reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 3% after hours as investors digested the numbers.
Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:
- Earnings: 93 cents per share vs. 79 cents per share expected
- Revenue: $10.39 billion vs. $10.29 billion expected, up 74% from a year ago
Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from sales of bitcoin during the quarter.
