Tesla Crushing Wall Street Expectations for Q1 2022 Earnings

  • Tesla reported earnings for the first quarter of 2022 on Wednesday. 
  • The automaker beat Wall Street estimates for both revenue and earnings. 
  • Investors are eager for updates on a factory shutdown in Shanghai and battery-cell development. 

Tesla reported blockbuster earnings for the first quarter of 2022 on Wednesday, far exceeding Wall Street’s expectations. 

Here are the key numbers:

  • Revenue: $18.75 billion, compared to an expected $17.92 billion, according to analysts surveyed by Bloomberg. 
  • Earnings: $3.22 (adjusted) per share, compared to an expected $2.27 per share

Tesla’s revenue is up 81% year-over-year, while earnings per share increased more than doubled. Shares of the company rose more than 4% in late trading after the announcement. 

Analysts had high expectations for the quarter, which Tesla closed with a yet another record number of vehicles delivered to customers. 

Like automakers across the globe, Tesla has weathered severe parts shortages, inflation, supply-chain disruptions, and factory shutdowns throughout the pandemic. But the company has largely managed to rise above the chaos and continue accelerating vehicle production to meet strong demand.

Tesla said it expects the difficulties to drag on at least through the end of this year. “Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022,” the company said in its earnings report. 

CEO Elon Musk said last year that he wouldn’t appear on any more earnings calls, but that didn’t last long. Musk confirmed on Twitter that he will be on Wednesday afternoon’s call, which should keep things interesting.

Investors will be on the lookout for Musk and other executives to give updates on how a COVID-19 lockdown in Shanghai is impacting Tesla’s factory there. Tesla may also discuss the progress of its next-generation, in-house battery cells and how production is going at new factories in Berlin and Austin, Texas. 

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