This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
Tesla (NASDAQ: TSLA) reported better-than-expected earnings in the first quarter thanks in part to a $101 million "positive impact" from the sale of Bitcoin (CRYPTO: BTC), the electric vehicle maker has said.
On Monday after markets closed, Tesla reported a $438 million profit. It earned $0.93 per share, well ahead of the $0.79 estimate.
Tesla's quarterly results as usual include both automotive sales and the sale of environmental regulatory credits. But the first-quarter results also included a $101 million gain on the sale of Bitcoin. In its update to shareholders, the company reported a purchase of $1.5 billion of "digital assets" in the quarter, as well as $272 million in proceeds from such sales.
The sales serve as a fresh reminder that for all of Tesla's growth, its automotive division is still lagging in terms of profitability. Absent the crypto sales and $518 million in sales of regulatory credits, the company would have reported a $181 million loss — and not a profit — despite record deliveries.
The company's auto business has been impacted by the pandemic, and a shift in preference toward newer, lower-margin models as its higher-priced Models S and X age. Tesla expects to update those models, as well as introduce new products, in the quarters to come.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
