Elon Musk electronics company reported earnings of $ 3.2 billion, or $ 2.86 a share, for the first quarter of this year, up from $ 438 million, or 39 cents a share, in the same period last year.
The company adjusted earnings per share to $ 3.22, well above the $ 2.26 per share expected by analysts in a Refinitiv poll.
The company’s sales also showed an impressive increase in the first quarter of the year, reaching $ 18.6 billion with a “jump” of 81%, compared to $ 10.39 billion in the first quarter of the previous year. Analysts expected sales of $ 17.85 billion.
Earlier this month, Tesla announced deliveries of 310,048 vehicles for the first quarter. Model 3 and Model Y vehicles accounted for 95%, or 295,324, of deliveries during the period ended March 31, 2022.
Wednesday’s earnings announcement comes amid news of CEO Elon Musk’s hostile takeover bid on Twitter, the social networking platform he has relied on to promote Tesla and its own public image for years.
Musk no longer leads or speaks at every meeting about Tesla’s profit announcement. But before Wednesday’s briefing, he said he intended to be at the meeting.
Tesla recently opened two new plants outside of Berlin and Austin, Texas, and the CEO appeared at the opening of both.
Investing in these huge new plants is part of Tesla’s effort to localize production and reduce costs and improve the speed of factory-delivered vehicles to customers in large markets.