- Tesla held 11,509 bitcoins valued at about $1.35 billion at the end of the third quarter.
- The increase in Bitcoin’s price during the quarter resulted in an $80 million gain for Tesla.
- Tesla reported third-quarter revenue of $28.1 billion, exceeding estimates.
- Adjusted earnings per share (EPS) came in slightly below expectations at $0.50.
- New accounting rules require Tesla to record bitcoin gains and losses each quarter.
Tesla ended the third quarter holding 11,509 bitcoins, valued at approximately $1.35 billion. The company’s bitcoin holdings generated an $80 million gain during the quarter due to bitcoin’s price increase.
The electric vehicle maker reported third-quarter revenue of $28.1 billion, beating the estimated $26.36 billion. However, adjusted earnings per share (EPS), which excludes digital asset gains, was $0.50, falling short of the $0.54 forecast. The company’s adjusted EBITDA was $4.3 billion, and total cash and equivalents stood at $41.6 billion at quarter’s end.
New accounting standards from the Financial Accounting Standards Board (FASB) now require Tesla to recognize gains or losses on bitcoin every quarter. This is a change from previous rules that forced companies to write down bitcoin assets to the lowest value reached during the reporting period.
After-hours trading showed Tesla shares slightly down at $434. For more detailed information, refer to the official third-quarter report.
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