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 

Revenue: $18.76 billion vs $17.80 billion expected 

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

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

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

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

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

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

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

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

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 

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

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

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