Tesla reports record profit for Q1

Tesla booked a record-high profit for the first quarter of the year on record car deliveries, bitcoin trade, and clean energy credits.

CNBC’s Lora Kolodny reported:

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

Akanksha Rana and Hyunjoo Jin from Reuters wrote:

Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals, but its profit was not driven by auto sales.

Tesla, which had invested $1.5 billion in bitcoin , trimmed its position by 10% during the quarter, said Chief Financial Officer Zachary Kirkhorn. Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million “positive impact”.

The Wall Street Journal’s Rebecca Elliott noted:

The company’s strong financial start to the year comes as it faces challenges on other fronts. Federal auto-safety officials are investigating the fatal fiery crash of a Model S sedan earlier this month in Texas. Neither of the victims was found in the driver’s seat, local officials have said. The National Highway Traffic Safety Administration’s probe of the wreck is one of more than two dozen investigations of crashes involving Tesla vehicles.