Tesla’s net income (GAAP) for the third quarter of 2022 was $3.33 billion.
In the third quarter, Tesla (TSLA) didn’t sell any of its bitcoin holdings.
Tesla reported adjusted earnings per share of $1.05, exceeding the $1.00 consensus of analyst estimates submitted to FactSet, on revenue of $21.45 billion, falling short of the estimate of $21.98 billion. In Wednesday’s after-hours trading, shares of Tesla were down slightly more than 4% at $212.83.
Tesla’s net income (GAAP) for the third quarter of 2022 was $3.33 billion, with automotive gross margins remaining constant at 27.9%, the same level as the first quarter of 2022. Tesla reported $1.62 billion in profits for the same period in 2017. Musk responded to queries from shareholders regarding the demand for electric vehicles and a potential share buyback.
Musk also discussed his upcoming acquisition of Twitter in response to a different query. To raise money for the completion of that $44 billion private deal, Musk is anticipated to sell a portion of his sizable Tesla stock.
According to a recent report, Tesla’s automotive revenue totaled $18.69 billion, up 55% from the same period last year. In line with the increase in automotive sales, the company’s core automotive business’ cost of revenue increased to $13.48 billion during the quarter from $10.52 billion during the second quarter. The $286 million in automotive revenues for the quarter were made up of 1.5% of Tesla’s automotive regulatory credits.
No Changes of Bitcoin Holdings
In the third quarter, Tesla (TSLA) didn’t sell any of its bitcoin holdings or add any new ones. At the end of the second quarter, when Tesla surprised some investors by selling $936 million worth of bitcoin, or roughly 75% of its total holdings, to raise money, the value of its digital assets remained at $218 million.
Tesla announced that it had bought $1.5 billion worth of bitcoin in February 2021, which drove up the price of bitcoin. Later in the first quarter, the company sold a 10% portion of its holdings in bitcoin, increasing its earnings by $272 million. Up until the second quarter of this year, it had not purchased or sold any additional bitcoin.