Record net income for Tesla in Q1 2021
One of the largest electric carmakers in the world, Tesla reported first-quarter results after the bell on Monday. According to the figures, the company topped every expectation.
For Q1, Tesla revealed an EPS of 93 cents on revenues of $10.39 billion. The market was looking for earnings per share of 79 cents and revenues of $10.29 billion. This quarter’s revenue numbers came in 74% higher than what Tesla reported a year ago.
The company’s net profit reached a quarterly record of $438 million. Moreover, it recorded a $101 million favourable impact from sales of bitcoin during the quarter.
During the earnings call, Tesla’s CEO Elon Musk stated that the EV business delivered 184,800 Model 3 and Model Y cars, beating expectations, and setting a record. Moreover, he said that the new version of the Model S sedan would start being delivered to customers beginning May 2021.
For the future, Tesla expects its delivery to grow more than 50% in 2021, which implies a minimum delivery of approximately 750,000 vehicles this year.
At the moment of writing, during the pre-market session, Tesla stock price is trading 2.42% lower.
Keep up with companies that have earnings reports this week here!
Sources: cnbc.com, finance.yahoo.com.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.