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Tesla (TSLA) releases Q1 2022 results: beats both revenue and profit expectations in record quarter

Tesla (TSLA) has released its financial results and shareholders letter for the first quarter of 2022 after market close today.

We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.

Tesla Q1 2022 earnings expectations

Yesterday, we posted our Tesla Q1 2022 earnings preview with Wall Street expectations and crowdsourced expectations.

The Wall Street consensus for this quarter was $17.659 billion in revenue and earnings of $2.26 per share.

The expectations represent a massive year-over-year increase after Tesla achieved a new record for deliveries with over 310,000 deliveries during the quarter.

Tesla Q1 2022 financial results

Tesla released the results today and beat Wall Street expectations on both revenue and earnings with $18,756 billion in revenue and $3.22 per share (non-GAAP) during the first quarter of 2022.

Tesla’s stock (TSLA) was up by as much as 4% in aftermarket trading after investors learned of the results.

Here’s Tesla’s financial summary from the quarterly results (last quarter in red):

The automaker managed to increase operating income to $3.6 billion during the quarter.

Probably the most impressive metric is Tesla achieving 32.9% GAAP Automotive gross margin in the quarter. That’s despite supply chain issues and increasing costs, but Tesla has been known to quickly pass those customers with price increases and it is being reflected in its margins.

Tesla finds itself with about $17.5 billion in cash at the end of the last quarter.

We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):

Here’s Tesla’s Q1 2022 shareholder presentation in full and conference call:

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