Tesla Financial Report Released! Bitcoin Holdings Unchanged, Operating Profit Margin Declines, Stock Plunges 6% After Hours
Tesla has released its Q1 2023 financial report, with its Bitcoin holdings remaining unchanged for the third consecutive quarter at 10,800 coins, valued at $184 million. Tesla's repeated price cuts have led to a decrease in operating margin to 11.4%, with the stock price falling 6.04% after hours to $169.68.
Table of Contents
Bitcoin 10,800 Pieces, Book Value of 184 Million
Tesla bought 48,000 bitcoins in 2021 and sold 4,800 and 32,400 bitcoins in the first quarter of 2021 and the second quarter of 2022, respectively. The official explanation is to hold more cash to cope with the uncertainty of future markets. The realized gain/loss from selling bitcoins in 2022 was 64 million USD, the unrealized gain/loss was -204 million USD, and Tesla still holds 10,800 bitcoins with a book value of 184 million USD, with inventory remaining unchanged for three consecutive quarters.
Tesla Stock Price Plunges 6.04% After Hours
Due to Tesla's repeated price cuts, the operating margin dropped to 11.4%. After the financial report was released, Tesla's stock price fell by 6.04% after hours to 169.68 USD.
After Tesla CEO Musk bought Twitter last year, spending too much energy on Twitter led to shareholders' distrust, causing Tesla's stock price to drop to nearly 100 USD at one point.
And what has the spotlight-loving Mr. Musk been busy with lately? Besides Twitter, of course, the hottest topic recently is AI!
For more details: Musk Battles ChatGPT Interview | Is TruthGPT a Political War? How Does ChatGPT View TruthGPT?
Related
- Evernote and Meetup's parent company, Bending Spoons, looks to IPO in the United States.
- ANZ partners with Chainlink to achieve cross-chain tokenized asset settlement.
- Chainalysis: Traditional financial institutions and Bitcoin ETF drive North America to lead globally, while crypto regulation still needs improvement.