New York (CNN Business)Tesla posted record profits Monday — its third record quarter in a row — as its adjusted earnings reached the $1 billion mark for the first time.
The company recorded $9 billion in total revenue. That was slightly lower than fourth quarter sales but up 75% from the year-earlier period. Revenue was partly held back as it stopped building its two most expensive models, the Model S and Model X, during the quarter, as it prepared to roll out new versions of those vehicles and dealt with a shortage of computer chips that has dogged the entire auto industry.
But Tesla said it weathered the chip shortage “in part by pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It said its deliveries of the new Model S “should start very shortly.” But that was the same prediction made when it reported fourth-quarter results three months ago.
Protesters upstage Tesla at China's top auto show The company was also helped by an investment in bitcoin. The company had previously disclosed it invested $1.5 billion in bitcoin in the quarter with some of its cash on hand. It said the sale of bitcoin during the period resulted in a $101 million profit.Read More
The revenue and earnings both topped forecasts of Wall Street analysts surveyed by Refinitiv. Shares of Tesla (TSLA), which were higher during the trading day in anticipation of the report, were slightly lower in after-hours trading.
Source: edition.cnn.com