Tesla Motors CEO Elon Musk responded after the company went public on the NASDAQ market in New York on June 29, 2010
Brendan McDermid | Reuters
Tesla reported first quarter results on Monday after the bell. The company slightly exceeded expectations, but the stock fell slightly after hours as investors digested the numbers.
Here’s how the company performed in the quarter compared to the analyst estimates produced by Refinitiv:
- Merits: 93 cents per share compared to 79 cents per share expected
- Revenue: $ 10.39 billion versus $ 10.29 billion, up 74% year over year
Net income hit a quarterly record of $ 438 million (on a GAAP basis) and the company had revenue of $ 518 million from regulatory loan sales for the period.
Elon Musk’s electric vehicle business reported vehicle deliveries of 184,800 Model 3 and Y vehicles in the first quarter, exceeding expectations and setting a record for Tesla. However, the company also said it didn’t manufacture any of its high-end Model S sedans or Model X SUVs for the period leading up to March. (It delivered 2,020 older Model S sedans and Model X SUVs from inventory.)
The fact that the company is increasing vehicle unit sales by more than 100% year over year, but only increasing service centers by 28% and mobile service fleet by 22%, explains why some Tesla customers are frustratingly long with it Waiting times for repairs are faced. The service expansion is not keeping pace with the volume of vehicles sold.
The company announced in February that it had purchased $ 1.5 billion worth of Bitcoin and may invest in other cryptocurrencies in the future. Bitcoin rose to record levels by April before pulling back. In its earnings release, the company announced it had a net cash outflow of $ 1.2 billion related to Bitcoin for the quarter.
Tesla said last month that Jerome Guillen, its former president of the automotive industry, would switch to the role of president of the heavy truck. It’s not clear who – if anyone – replaced Guillen, but staff updates could come after the bell during the profit call.
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