Tesla Inc. (NASDAQ: TSLA) on Wednesday said its first-quarter earnings rose sharply and topped expectations. Driving the bottom-line growth, revenues rose 81% and came in above analysts’ forecast.
Revenues of the Austin-based electric car maker advanced 81% year-over-year to $18.8 billion during the three-month period, which is well above the estimates. The company produced a total of 305,407 vehicles and delivered a record 310,048 units, mainly comprising the Model-3 and Model-Y variants.
Earnings, excluding one-off items, climbed to $3.22 per share in the first quarter from $0.93 per share a year earlier. Experts were looking for slower growth. Unadjusted net income moved up to $3.32 billion or $2.86 per share from $438 million or $0.39 per share in the first quarter of 2021.
Check this space to read management/analysts’ comments on Tesla’s Q1 report
TSLA’s market value surged in the past twelve months. The stock closed Wednesday’s regular trading lower but gained in the extended session soon after the announcement.