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Expand chart
Data: FactSet, company filings; Chart: Will Chase/Axios

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.

Go deeper

Ben Geman, author of Generate
Apr 26, 2021 - Economy & Business

What to expect from Tesla's earnings report

Expand chart
Data: FactSet; Chart: Will Chase/Axios

Tesla reports its first-quarter financials after markets close late Monday afternoon.

Why it matters: Tesla leads the world in electric vehicle sales and dominates the U.S. market, but has only recently become consistently profitable.

Southwest heat wave intensifies, breaks records and worsens drought

A temperature "misery index" shows peak levels across the Southwest (orange and yellow), and the upper air flow shows how the jet stream is being pushed north, away from the heat dome parked over the Four Corners region. (Earth.nullschool.net)

A punishing and long-enduring heat wave is intensifying in parts of the West and Southwest, with heat warnings and advisories in effect across seven states Wednesday. The heat will not relent until late in the weekend.

Threat level: In the coming days, 40 million are likely to see temperatures reach or exceed 100 degrees.

Updated 1 hour ago - World

Putin calls Biden summit "constructive," but blames U.S. for tensions

Photo: Sergei Bobylev\TASS via Getty Images

Russian President Vladimir Putin said Wednesday that his summit with President Biden was "constructive," and that the countries had agreed their ambassadors would imminently return to their posts in Moscow and Washington.

What he's saying: "Many of our joint positions are divergent but nevertheless I think both sides manifested a determination to try and understand each other and try and converge our positions," Putin told reporters at a press conference following the meetings, according to a translator.