Clouds. 60.6   F New York
AI-Powered News Summarizer
Cryptocurrency

Tesla books huge profit from Bitcoin sale in Q1

April 26, 2021. Summarized by summa-bot.

Compression ratio: 54.5%. 1 min read.

Tesla made a quick profit on its Bitcoin holdings, its quarterly earnings report reveals.

Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday.

In a 30-page slide deck accompanying its quarterly financial results, Tesla noted a $101 million "positive impact" as a result of its Bitcoin sale:

"Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in Restructuring & Other line), were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items.

In its quarterly cash flow statement, the company said "proceeds from sales of digital assets" were valued at $272 million.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.

Suggestions