(Tesla) Tesla reported revenue of $18.76 billion in the first quarter of 2022, beating estimates of $17.80 billion. The revenue was 81% higher than the prior year.
The company said that its automotive revenue was $16.86 billion in the first quarter, 87% higher than the prior year.
The gross profit jumped to $5.54 billion, with the automotive gross margins rising to a record 32.9%.
The company’s net income hit $3.28 billion, up from $2.343 billion in the prior quarter and $464 million in the previous year.
Tesla attributed the robust earnings to a rise in car deliveries and an increase in prices. In the first quarter, the company delivered a total of 310,048 vehicles.
Tesla CEO Elon Musk and CFO Zachary Kirkhorn says they are confident that the company can grow at least 40% this year. They also warned that the company lost about a month of “build volume” due to Covid-19 shutdowns in Shanghai, although production was resuming.
TSLA: NASDAQ is up +7.14% on premarket
