Tesla beat expectations despite product delays thanks to the global semiconductor shortage.
View PhotosTesla beat expectations with over $10 billion in revenue and $438 million in profit.
Tesla has released its financial results for the first quarter of 2021 and has revealed a blockbuster quarter. It posted $10.5 billion in revenue for the quarter and a gain of $0.75 per share.
“Our operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. This profit level was reached while incurring SBC expense attributable to the 2018 CEO award of $299M in Q1, driven by an increase in market capitalization and a new operational milestone becoming probable,” said the company in the earnings call.
Tesla recently updated the Model S and Model X, but these new models are delayed
Tesla’s cash flow went down for the first time in a long time. This was due to the purchase of bitcoins and debt repayment. But still, the world’s highest capitalised automaker is in a pretty good state. Tesla’s profits also grew to $438 million in the quarter alone. Tesla made $101 million on the sale of bitcoins alone.
“Our operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. This profit level was reached while incurring SBC expense attributable to the 2018 CEO award of $299M in Q1, driven by an increase in market capitalization and a new operational milestone becoming probable,” explained the company.
Musk believes that the Model Y will be the best selling car in the world in 2022
It is interesting to note that Tesla has been grappling with delays in the deliveries of its new Model S and Model X models. The global chipset shortage has impacted Tesla. However, the growth has been fuelled mostly by the Model 3 and Model Y which are also being manufactured in the Shanghai Gigafactory and being exported to markets in Europe and APAC.
Musk went on to say that he believed that the Model Y could become the best selling car of any kind in the world in 2022. Tesla also keeps busy in the news with car crashes. Recently, there was a fatal accident featuring a Model S which was being driven on autopilot without the driver on the wheel.
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