Tesla earnings rocket but not enough to beat expectations
Tesla Inc (NASDAQ:TSLA) topped US$1bn in underlying profits for the first time in the first quarter of this year and pocketed a large gain from its purchase of Bitcoin, yet still failed to meet Wall Street’s sky-high expectations.
After splashing out US$1.5bn on buying Bitcoin in February, the electric car maker revealed a US$101mln “positive impact” and that it had sold 10% of its holding in the cryptocurrency during the quarter, making proceeds from sales of US$272mln.
Record first-quarter deliveries, as revealed earlier this month, led to revenues moving up a gear to US$10.4bn from just under US$6bn a year ago, which beat the consensus analyst estimate of US$10.3bn as per Refinitiv.
Net income on a GAAP basis (reported pre-tax profits) of US$438mln was up over 2,600% on the same period last year, the company’s seventh profitable quarter in a row, with earnings per share (EPS) rocketing 1,850% to US$0.39.
Adjusted EPS, excluding bonuses and other exceptionals, came out at US$0.93, which beat the Street’s US$0.79 forecast.
However, the stock fell in aftermarket trading, as if stripping out the bitcoin benefit, lower taxes and US$518mln made from selling environmental credits, the true earnings figure was “a large miss”, as brokerage Roth said.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/947703/tesla-earnings-rocket-but-not-enough-to-beat-expectations-947703.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).