Tesla edges past Wall Street target as bitcoin sales, environmental credits boost revenue By Reuters – Investing.com

Tesla edges past Wall Street target as bitcoin sales, environmental credits boost revenue By Reuters – Investing.com

2/2

© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen in Bern

2/2

By Hyunjoo Jin and Akanksha Rana (Reuters) -Electric carmaker Tesla (NASDAQ:) Inc marginally beat Wall Street expectations for first-quarter revenue on Monday boosted by a jump in environmental credit sales to other automakers and liquidating some bitcoins. Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals, but its profit was not driven by auto sales. Tesla, which had invested $1.5 billion in bitcoin, trimmed its position by 10% during the quarter, said Chief Financial Officer Zachary Kirkhorn. Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million "positive impact". "We do believe long term in the value of bitcoin," he said. "It is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles." Musk tweeted that he has not sold any of his personal bitcoins. Tesla has posted profits for seven quarters in a row, most quarters driven by environmental credits. Tesla earned $518 million from sales of those credits, up 46% from a