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.
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