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Author: Alan LittleDate: 2021-04-28

Tesla’s (TSLA) bitcoin sales drive Q1 beats but shares dip 3%

Tesla’s (TSLA) recent foray into bitcoin (BTC) drove earnings and revenue beats in Q1, but the electric carmaker traded 3.77% lower on Tuesday as investors sifted through the finer details. 


Tesla’s latest numbers look impressive on paper with its $0.93 earnings per share coming in 14 cents higher than the Wall Street consensus. 


There were no issues with revenue either, which soared 74% from the same period a year ago to $10.39bn to trump the pre-report expectations by $100m. 


Tesla is also delivering on profitability, with the +$438m bottom line in the three months to 31st March continuing the company’s streak of consecutive quarters in the black to seven.  


The sale of bitcoin added $101m to Tesla’s profits, with regulatory credit revenues bringing in 46.3% extra year over year at $518m. 


In a statement, Tesla said that “non-GAAP net income surpassed $1bn for the first time in our history” and added that vehicle production and deliveries had hit record levels in Q1. 


Just shy of 185,000 units, predominantly Model 3s and Model Ys, were delivered – with the burgeoning Chinese market accounting for more than a third of that number. 


In a conference call, CFO Zach Kirkhorn said that demand for its vehicles around the world “remains meaningfully higher than production levels”. 


CEO Elon Musk noted that the semiconductor shortage that is pressuring a range of tech companies had been a “huge problem”, but that supply chain issues had mostly been resolved. 


Perhaps surprisingly, Tesla shares didn’t charge higher on Tuesday, and analysts at The Motley Fool suggested that shortterm traders were hoping for a little more from the company. 


After dipping into the red after the first bell, TSLA had tumbled 3.18% to $714.70 by late morning on the Nasdaq. 


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