Tesla’s profit was far higher than expected.
Mario Tama/Getty Images
first-quarter numbers, disclosed Wednesday afternoon, look surprisingly great.
Tesla (ticker: TSLA) earned $3.22 a share from $18.8 billion in sales. Wall Street was looking for EPS of about $2.20 to $2.30 a share from about $18 billion in sales. Tesla earned $2.54 a share on sales of $17.7 billion in the fourth quarter of 2021.
Operating profit came in at $3.6 billion, compared with expectations for about $2.61 billion.
Shares were up 2.2% in after-hours trading, just after the results were released. The stock fell about 5% in regular trading Wednesday, while the
lost about 1.2%.
This is breaking news. Read a preview of the earnings below and check back soon for this article to be updated.
Tesla reports first-quarter earnings after the close of trading Wednesday. This earnings print sets up to be more interesting than usual for the electric-vehicle leader.
Inflation, war, and disease have roiled the entire auto sector recently.
The average price for a basket of metals that go into EV batteries rose 74% in the first quarter from the fourth. The Russian invasion of Ukraine created more parts supply shortages, frustrating purchasing managers. And new Covid lockdown policies in China shut Tesla’s (ticker: TSLA) Shanghai plant at the end of the quarter.
It isn’t easy predicting earnings this time around. Tesla’s investor relations department offers a summary of analysts’ estimates to…