Tesla reports $18.76 billion in revenue and record margins in Q1

Tesla just reported first-quarter earnings for 2022 and beat analysts' expectations on the top and bottom lines.

Earnings per share: $3.22 vs $2.26 expected

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Revenue: $18.76 billion vs $17.80 billion expected

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Shares rose as high as 6% in after-hours trading.

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Automotive revenue reached $16.86 billion, up 87% from the same period last year.

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Automotive gross margins jumped to a record 32.9% with Tesla reporting a gross profit of $5.54 billion in its main segment

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Regulatory credits accounted for $679 million of automotive revenue for the quarter.

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Early this month, Tesla reported vehicle deliveries of 310,048 for the first quarter

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Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the period ending March 31, 2022.

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On the company’s earnings call, CFO Zachary Kirkhorn and CEO Elon Musk said that

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Tesla remains confident that it can grow at least 50% over 2021 numbers

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In its energy segment, Tesla’s solar deployments dropped by nearly half to 48 MW in the first quarter of 2022 versus the same time last year

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The company deployed 846 MWh of lithium ion based battery energy storage systems

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up 90% from the same time last year, but down from the previous quarter.

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Musk’s recent proposal to acquire Twitter was not discussed on the call.

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