Tesla races past a milestone, hits US$1 billion in revenues for first time

American electric vehicle maker Tesla Inc (NASDAQ:TSLA) has breached the US$1 billion mark in the quarterly earning for the first time in its history.

The company overnight reported a net profit of US$1.14 billion for the quarter ending 30 June 2021 – 10 times that of US$104 million it had clocked in the corresponding quarter last year.

The vigorous growth in bottomline was led by a robust growth in the topline as well. The automotive revenues of the EV maker during the quarter stood at US$10.21 billion, a 97% jump from US$5.18 billion revenues clocked in the corresponding period last year.

Of the total revenue, only US$354 million – 3.5% of the automotive revenue – came from sales of regulatory credits – the lowest number of credits in the last four quarters. Similarly automotive gross margins were 28.4%, higher than in any of the last four quarters.

The company made US$10 billion in the automotive business through sale of 201,250 electric vehicles during the quarter in which the company also produced 206,421 total vehicles.

The company’s revenues from its energy business, including solar photovoltaics and energy storage systems for homes, businesses and utilities stood at US$801 million, a jump of more than 60% over the last quarter.

The company also mopped up US$951 million in revenue from services that are scattered through 598 stores and service centers, and a mobile service fleet including 1,091 vehicles.

However, CEO Elon Musk’s love for cryptocurrency seems to have cost the company to an extent. A US$23 million impairment related to the value of its Bitcoin holdings was reported as an operating expense under “Restructuring and other.”

Post-results, in the aftermarket, the futures of Tesla shares rose by 2.21% at New York.