Financial News

Tesla Q1 Earnings 2021: Company posts net income of $438 million, revenue up by 74%

Products You May Like

Tesla stock, price, revenue in billions, breakdown, tesla results q1 2021, Q1 earnings 2021, tesla results q1 2021Tesla stock, price, revenue in billions, breakdown, tesla results q1 2021, Q1 earnings 2021, tesla results q1 2021Over a multi-year horizon, they expect to achieve 50% average annual growth in vehicle deliveries.

Tesla Inc. has reported its earnings for Q1 2021 by reporting total revenue growth of 74 per cent YoY in the first quarter. As per the company press release, this was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. Tesla’s GAAP net income reached $438M, and the non-GAAP net income surpassed $1B for the first time in the company’s history. During the quarter 1 2021, Tesla reported recorded a net income of $438 million as well as earnings of 93 cents per share on $10.39 billion in revenue.

Tesla (TSLA) stock price was at around $720 down by about 2.5 per cent but the share price of Tesla is up by nearly 300 per cent over the past 12 months.

Related News

The total investment in Bitcoin by Tesla is close to $1.2B. As per the company, quarter-end cash and cash equivalents decreased to $17.1B in Q1, driven mainly by a net cash outflow of $1.2B in cryptocurrency (Bitcoin) purchases, net debt and finance lease repayments of $1.2B, partially offset by free cash flow of $293M.

As far as future plans are concerned, the company states that they plan to grow their manufacturing capacity as quickly as possible. Over a multi-year horizon, they expect to achieve 50% average annual growth in vehicle deliveries. “In some years we may grow faster, which we expect to be the case in 2021. The rate of growth will depend on our equipment capacity, operational efficiency and capacity and stability of the supply chain,” states the Q1 update of Tesla.

The company expects the operating margin to continue to grow over time, continuing to reach industry-leading levels with capacity expansion and localization plans underway. As per the update, “We are currently building Model Y capacity at Gigafactory Berlin and Gigafactory Texas and remain on track to start production and deliveries from each location in 2021. Gigafactory Shanghai will continue to expand further over time. Tesla Semi deliveries will also begin in 2021.”

Looking to invest in US Stocks? Open a free account with Stockal – India’s first borderless investment platform.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Products You May Like