Tesla (TSLA) reported its Q1 earnings after the bell Wednesday, beating analysts’ expectations on the top and bottom line and recording a record quarter with revenue up 81% year-over-year.
Here are the most important numbers from the report compared to what analysts were expecting.
The company’s stock was up more than 4% following the announcement.
Tesla, like many of the world’s automakers, continues to grapple with pandemic-induced supply chain problems and a global chip shortage. Tesla was forced to shutter its Shanghai plant for three weeks amid a city-wide lockdown geared toward stopping COVID infections.
“Challenges around supply chain have remained persistent, and our team has been navigating through them for over a year. In addition to chip shortages, recent COVID-19 outbreaks have been weighing on our supply chain and factory operations,” the company said in a statement.
That, coupled with an increase in raw material prices, has pushed Tesla to increase product prices.
The company has since reopened its factory as a closed-loop system, meaning employees are sleeping on mattresses on the building’s floor.
The automaker, however, also opened two new plants in the quarter, one in Berlin, which will supply Europe with new vehicles, and one in Texas, which is already pumping out EVs.
All of this comes amid the backdrop of Musk’s attempted hostile takeover of Twitter (TWTR). He’s expected to make a tender offer to the social network’s shareholders as part of a potential hostile takeover of the social network in the coming days.
That could prove to be a distraction for the CEO, who also heads up SpaceX, The Boring Company, and Neuralink.
Musk is expected to join the company’s earnings call, which could help clarify the situation.
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