Tesla (TSLA) has released its quarterly results at the end of Monday’s trading session (26). Two facts drew attention, one of them involving Bitcoin.
The first was that the company posted a quarterly profit that exceeded market expectations. The second was the sale of part of the Bitcoins (BTC) that were acquired at the beginning of the year.
Tesla’s profit exceeds estimates
Revenue from the sale of cars generated for Tesla the equivalent of US $ 10.39 billion. This amount was below market expectations, which expected revenue of US $ 10.42 billion.
However, revenue was almost double that recorded in the first quarter of 2020. At that time, Tesla raised $ 5.99 billion.
Earnings per share reached US $ 0.93. The value exceeded market expectations, which projected $ 0.80 per share. In comparison with the first quarter of 2020, when it reached US $ 0.23, the increase was almost 300%.
Net income reached a quarterly record of $ 438 million. The company also recorded $ 518 million in revenue from sales of regulatory credits during the period.
With that, plus the profit from the sale of BTC, Tesla’s quarterly profit surpassed the $ 1 billion barrier for the first time in history.
Tesla sells R $ 1.5 billion in Bitcoin
In addition, Tesla divested part of its accumulated BTC position. The transaction was recorded as a “sale of digital assets” in the income statement.
In total, the company sold $ 272 million in BTC. The value is equivalent to approximately R $ 1.5 billion at the current price and corresponds to about 27% of the amount invested by Tesla.
However, due to Bitcoin’s appreciation, the current sale represented a 10% reduction in position. As a result, Tesla recorded a positive impact of $ 101 million in BTC sales during the quarter.
The sale reduced Tesla’s cash position by $ 2.2 billion. The company now has $ 17.1 billion in cash and cash equivalents.
On Monday (26), Tesla shares closed the session with an increase of 1.21%, quoted at US $ 738.20. In the pre-opening of the market on Tuesday (27), they are quoted at US $ 721.25, down 2.3%.
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