Tesla Inc. (NASDAQ: TSLA) on Wednesday said its fourth-quarter earnings rose sharply and topped expectations. Driving the bottom-line growth, revenues rose 65% and came in above analysts’ forecast.
Revenues of the Austin-based electric car maker advanced 65% year-over-year to $17.7 billion during the three-month period, which is well above the estimates. The company produced a total of 305,840 vehicles and delivered a record 308,650 units, mainly comprising the Model-3 and Model-Y variants.
Earnings, excluding one-off items, climbed to $2.54 per share in the fourth quarter from $0.80 per share a year earlier. Experts were looking for slower growth. Unadjusted net income moved up to $2.32 billion or $2.05 per share from $270 million or $0.24 per share in the fourth quarter of 2020.
Read management/analysts’ comments on Tesla’s Q4 report
TSLA’s market value more than doubled in the past twelve months. The stock closed Wednesday’s regular trading higher but declined in the extended session soon after the announcement.