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- Tesla has announced its earnings report for the second quarter of 2023 after the closing of the stock market today.
- At the end of the second quarter, the price of Bitcoin was around $30,400, while at the end of the first quarter, it was around $28,500.
- Tesla surpassed analysts’ expectations with revenue of $24.9 billion for the second quarter, exceeding the estimated $24.2 billion.
Electric car maker Tesla announced its earnings reports today following the US stock market closings; Are there any changes in Bitcoin investments?
Tesla Releases Q2 2023 Earnings Report
Tesla (TSLA), the electric car manufacturer, announced that it did not make any Bitcoin purchases or sales in the second quarter of 2023. The net value of the company’s digital assets was reported as $184 million at the end of the quarter, remaining the same as in the past three quarters.
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At the end of the second quarter, the price of Bitcoin was around $30,400, while at the end of the first quarter, it was around $28,500. However, under current accounting rules, the valuation of digital assets cannot be increased unless they are sold, even if prices rise. Conversely, if prices fall and assets are not sold, the valuation can be decreased.
Tesla has not made any Bitcoin purchases or sales since the second quarter of last year. In the second quarter of the previous year, the company sold over 30,000 Bitcoins, equivalent to approximately 75% of its holdings, for $936 million.
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The company initially purchased $1.5 billion worth of Bitcoin in early 2021, and CEO Elon Musk supported Bitcoin prices by stating that Tesla would accept Bitcoin as payment for its cars. However, he later retracted his statement.
Tesla’s Revenue Shows Growth
For the second quarter, Tesla reported adjusted earnings per share of $0.91, surpassing the consensus estimate of $0.80 predicted by analysts. The revenue of $24.9 billion surpassed analysts’ estimates of $24.2 billion.
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The stock price increased by 1% to $288.96 after-hours. This year, the stock price has increased by more than 136%. At the beginning of the year, Tesla shares were trading at $118. Bitcoin has accompanied this significant increase in Tesla’s stock price, rising by over 80%.
In the first quarter, Tesla announced revenue of $23.3 billion, falling short of expectations of $23.7 billion. Nevertheless, the upward trend in the stock price has continued.
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