Tesla’s Earnings Crushed Expectations

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Tesla’s Earnings Crushed Expectations Despite Inflation. The Stock Is Up.

Tesla’s first-quarter earnings looked surprisingly great. CEO Elon Musk even offered guidance for the rest of 2022.

The company essentially beat inflation by substituting materials and relentlessly focusing on manufacturing. Shares are higher in after-hours trading Wednesday.

Tesla (ticker: TSLA) earned a record $3.22 per share from $18.8 billion in total sales, its highest total ever.

Street was looking for earnings per share of about $2.20 to $2.30 from about $18 billion in sales.

In the fourth quarter of 2021, Tesla earned $2.54 a share on sales of $17.7 billion.

Operating profit came in at a record $3.6 billion, compared with expectations for about $2.6 billion.