Tesla falls 3% as lack of new vehicle-delivery guidance offsets record profit and Bitcoin proceeds

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Tesla fell as much as 3% in Tuesday trades following the release of its first-quarter earnings report. The company exceeded analyst estimates and booked a record quarterly profit, in-part driven by the sale of regulatory credits and bitcoin.

But a lack of annual vehicle delivery guidance weighed on shares, as semiconductor shortages likely impaired Tesla’s longer-term visibility.

Here are the key numbers from the first-quarter earnings report:

Revenue: $10.39 billion, versus analyst estimates of $10.29 billionEarnings per share: $0.93 per share, versus analyst estimates of $0.79 per shareVehicle Deliveries: 184,800

“Despite unforeseen global challenges, we outpaced many trends seen elsewhere in the industry as we significantly increased volumes, profitability and cash generation,” the company said in a press release.

The company did not provide 2021 guidance for its automotive production, but said it expects “50% average annual growth” on a multi-year outlook. In 2020, it was just short of its 500,000 deliveries goal.

Musk added that he expects the Model Y to be the best...read more...