Tesla reports strong earnings, but traders are unimpressed
Tesla's latest earnings report beat expectations handily, thanks largely to its investment in bitcoin and regulatory credits, but the stock fell by as much as 3% in after-hours trading.
By the numbers: Tesla reported revenue of $10.4 billion and a record-high $438 million in net profits. The company said it made $101 million from the sale of some of its bitcoin holdings after investing $1.5 billion in February.
The big picture: Axios' Joann Muller highlights that the electric carmaker achieved record production and deliveries, despite supply chain challenges that have roiled the industry.
Watch this space: CEO Elon Musk said Tesla was able to weather the chip shortages and supply chain issues in part by "pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers."
- Musk also reaffirmed that overall delivery growth is expected to exceed 50% this year, even though the company reported zero production of its Model S and X with some deliveries from existing inventory.
- Musk also said Model S deliveries will start in May and the Model X in Q3.