Tesla Inc. released on Wednesday its first-quarter earnings report, with revenue at $18.8 billion, an 81% jump compared to the same period in 2021. The diluted earnings per share (EPS) came to $2.86, soaring 633% yearly. Net income stood at $3.3 billion, a 658% boost year-on-year. The automaker said it expects to achieve 50% average annual growth in vehicle deliveries and added it is "making progress on the industrialization of Cybertruck."
"The first quarter of 2022 was another record quarter for Tesla by several measures such as revenues, vehicle deliveries, operating profit and an operating margin of over 19%. Our outstanding recourse debt has fallen below $0.1B at the end of Q1. Public interest in a sustainable future continues to rise, and we remain focused on growing as fast as is reasonably possible," the company stated, noting challenges such as the supply chain, COVID-19, and inflation.
Tesla shares gained 3.41% in aftermarket trade following the earnings release.
