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Tesla cracks the $1 billion profit mark

April 26, 2021. Summarized by summa-bot.

Compression ratio: 50.8%. 1 min read.

CORTE MADERA, CALIFORNIA - APRIL 26: A Tesla car charges at a Tesla Supercharger station on April 26, 2021 in Corte Madera, California. Tesla will report first quarter earnings today after the closing bell. (Photo by Justin Sullivan/Getty Images)

Tesla posted record profits Monday — its third record quarter in a row — as its adjusted earnings reached the $1 billion mark for the first time.

New York (CNN Business)Tesla posted record profits Monday — its third record quarter in a row — as its adjusted earnings reached the $1 billion mark for the first time.

That was slightly lower than fourth quarter sales but up 75% from the year-earlier period.

But Tesla said it weathered the chip shortage "in part by pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers. " It said its deliveries of the new Model S "should start very shortly. " But that was the same prediction made when it reported fourth-quarter results three months ago.

The company had previously disclosed it invested $1. 5 billion in bitcoin in the quarter with some of its cash on hand.

by summa-bot

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