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Tesla reports record quarterly earnings despite global supply chain meltdown
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Tesla saw its biggest quarterly net earnings in history, the company said on Wednesday, propelled by record electric vehicle sales last summer, amid a shortage of computer chips and other materials.
The company made $1.62bn in the third quarter, beating its old record of $1.14bn, set just in the second quarter of this year. The profit was nearly five times greater than the $331m Tesla made in the same quarter in 2019.
A record-setting revenue of $13.76bn from July through September fell short of Wall Street’s expectations of a little more than $14bn, according to FactSet.
“[Tesla CEO] Elon Musk delivered another terrific quarter as Tesla continues to execute flawlessly”, said Jesse Cohen, senior analyst at Investing.com. “It has done an
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