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According to the latest financial reports, electric vehicle giant Tesla recorded a total revenue of $25.2 billion, coupled with an operating profit of $2.1 billion.
Notably, Tesla has neither purchased nor sold any Bitcoin during the quarter. Maintaining its position for the sixth consecutive quarter, Tesla’s Bitcoin holdings are currently at 9,720 BTC.
Tesla’s initial foray into Bitcoin
Tesla’s journey with Bitcoin began in February 2021 when the company, under the direction of CEO Elon Musk, invested a substantial $1.5 billion in the cryptocurrency, sending its value skyrocketing.
Following this bold move, Tesla even liquidated a portion of its Bitcoin to test the market’s liquidity, with the remaining holdings valued at approximately $1.99 billion by the end of the same year.
Tesla made a pivotal decision in July 2022 to sell 75% of its Bitcoin holdings, which bolstered its cash reserves by an additional $936 million.
Tesla’s quarterly performance
Despite Tesla’s unshaken Bitcoin reserves, the company’s quarterly performance has garnered mixed reactions. The fourth quarter saw a modest 1% year-over-year increase in automotive revenue, while earnings per share and total revenue fell slightly short of market expectations.
The company faced a dip in stock value during after-hours trading.
Tesla’s balance sheet reveals a comprehensive asset portfolio, including cash, receivables, and solar energy systems, pointing to a diversified strategy beyond automotive sales.
Tesla’s quarter was marked by varied performance across its divisions. Automotive revenues saw minimal growth, but the energy generation and storage segment reported a 10% revenue increase.
Services and other revenue jumped by 27%, underscoring the company’s expanding market reach. However, the total gross profit saw a decrease of 23%, and the operating income dropped by a notable 47%, reflecting the competitive and challenging economic environment.
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