News
Tesla Reports $18.76 Billion In Revenue In Its First Quarter
Tesla just released its first-quarter profits for 2022, and both the top and bottom lines surpassed analysts’ estimates.
The important figures are listed below:
Earnings per share: $3.22 vs $2.26 expected
Revenue: $18.76 billion vs $17.80 billion expected
Shares rose as high as 6% in after-hours trading.
Automotive revenue increased by 87 % year over year to $16.86 billion. Tesla reported a gross profit of $5.54 billion in its primary business, pushing automotive gross margins to a new high of 32.9 percent. For the quarter, regulatory credits accounted for $679 million in automotive revenue.
According to Tesla’s shareholder presentation, revenue growth was fueled in part by an increase in the number of cars delivered and an increase in average sales pricing.
Tesla announced vehicle deliveries of 310,048 for the first quarter earlier this month, the closest estimate of sales provided by the firm. In the three months ending March 31, 2022, Model 3 and Model Y vehicles accounted for 95 percent of deliveries, or 295,324.
Tesla’s CFO Zachary Kirkhorn and CEO Elon Musk claimed during the firm’s earnings call that they are sure that the company can grow by at least 50% by 2021. However, due to Covid-related shutdowns, the company has lost nearly a month of “build volume” in Shanghai, according to the executives.
