Tesla’s record profit beats estimates – Boston News, Weather, Sports

0

(CNN) – Tesla posted record profits again, overcoming supply chain issues that caused the wider auto industry to blast Wall Street’s forecast for the company for the first quarter of 2022.

But the company warned it was not immune to supply chain issues, which it said were limiting “our ability to operate our factories at full capacity”, a situation that will likely persist until at the end of 2022, she added. A recent Covid outbreak and lockdown rules in China forced it to temporarily close its Shanghai factory earlier this month.

“Recent Covid-19 outbreaks have weighed on our supply chain and factory operations,” Tesla said. “In addition, the prices of certain raw materials have increased several times in recent months. The inflationary impact on our cost structure contributed to adjustments in our product pricing. »

Still, even with supply chain issues, the company made an adjusted profit of $3.7 billion, well above the $2.6 billion forecast by analysts polled by Refinitiv. It was also more than triple the $1.1 billion it earned on that basis a year ago and 30% more than the previous record high of $2.9 billion in the fourth quarter of the year. last.

Revenue of $18.8 billion also easily beat forecast, up 6% from fourth quarter sales and 81% from the prior year total.

Tesla shares jumped 4% in after-hours trading immediately after the report.

It is a story of rupture.

The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia company. All rights reserved.

Join our newsletter for the latest news straight to your inbox
Share.

Comments are closed.