Tesla received record profits

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Tesla received record profits

28.04.2021 News

American electric car maker Tesla Inc ended the first quarter of this year with record profits, but the company’s revenue was slightly worse than market forecasts. This is stated in a press release from Tesla.

Thus, the company’s net income in January-March was $ 438 million, or $ 0.39 per share, compared to $ 16 million, or $ 0.02 per share, for the same period last year.

Last quarter, Tesla sold emission allowances to other automakers for a record $ 518 million, up 46% from the same period last year. Without the sale of quotas, Tesla would have ended the quarter at a loss.

Also in the first quarter, the company also earned $ 101 million from bitcoin sales.

Tesla’s quarterly revenue jumped 74% to $ 10.39 billion from $ 5.99 billion in the same period a year earlier.

Experts interviewed by FactSet, on average, forecast a net profit of $ 509 million, revenue – $ 10.48 billion.

Tesla reports a “significant increase” in car sales. In early April, Tesla reported that in January-March, they shipped 184.8 thousand cars to customers.

The cost of Tesla cars in the first quarter increased by 13% compared to the same period a year earlier. At the same time, the company notes that the growth rate of profitability of its operations, as well as cost reduction, were even higher.

Shares of Tesla fell 1.6% in additional trading on Monday. Since the beginning of this year, their value has increased by 4.6%.

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