Tesla beats revenue, profit estimates on record deliveries

[Kamaji]

Tesla beats revenue, profit estimates on record deliveries

By Theo Wayt
April 20, 2022

Elon Musk’s Tesla blew past Wall Street expectations in its first quarter earnings report on Wednesday, posting yet another record profit despite investor jitters about supply chain issues and inflation.

The electric automaker posted $18.8 billion in revenue during the January through March quarter — significantly above analysts’ expectations of $17.8 billion and a whopping 81% higher than the $10.4 billion revenue reported during the same period last year.

The automaker delivered more than 300,000 cars in the first quarter — an all time record for Tesla — and padded its profit margins by raising prices at a rate that outpaced inflation.

“Price increases are nicely exceeding cost inflation,” said Roth Capital analyst Craig Irwin said.

Tesla’s first quarter profit stood at $3.7 billion, handily beating analyst expectations of $2.6 billion.

The company’s shares surged 6.4% in after hours trading.

Some analysts have questioned whether the ongoing lockdown in Shanghai — home to a massive Tesla plant — will snarl the automaker’s deliveries in the second quarter.

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Source:  https://nypost.com/2022/04/20/elon-musks-tesla-beats-q1-sales-profit-estimates/

[GtHawk]

There are a ton of them on the streets around me.