Tesla reportedly keeps 11,509 BTC as third-quarter profit falls
An October 22 earnings report says Tesla sold no Bitcoin during the third quarter and continued to hold 11,509 BTC. Its quarterly GAAP net income included $288 million in unrealized gains on those holdings. The unchanged reported balance should be distinguished from a new purchase, while unrealized gains are not proceeds from selling Bitcoin.
The report puts revenue at $28.05 billion, roughly unchanged year over year, and adjusted earnings per share at $0.48 versus a $0.45 market expectation. GAAP net income fell 43% to $787 million, while operating profit declined 56% to $718 million. Free cash flow was $1.53 billion. These figures separate the reported Bitcoin valuation gain from the company's wider quarterly earnings performance.
Reported: 10-21 20:24 UTC
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