Bitcoin News

Tesla Financial Report: $ 23 million loss on bitcoin investment


Tesla’s latest earnings report shows that the company did not buy or sell in the digital currency market in the second quarter of this year. The Tesla report also shows that the company has lost $ 23 million in bitcoin investments.

to the Report Coin Telegraph, Tesla, a company that produces electric vehicles and clean energy, reported that its net income in the second quarter of this year was $ 1.14 billion.

The company’s earnings report released on July 26 showed that Tesla’s total revenue for the second quarter of this year increased from $ 6 billion to $ 11.9 billion.

Tesla attributed the growth to increased demand for its electric vehicles, adding:

In the second quarter of 2021, we broke new and significant records. [در این مدت] We have produced and delivered more than 200,000 vehicles, achieved an operating profit margin of 11% and, for the first time in its history, generated a net revenue of $ 1 billion. [محاسبه شده] According to GAAP, we passed.

The company had a quarterly earnings of $ 1.02 per share.

Tesla has said that the company’s total revenue has shrunk somewhat with rising operating costs and a $ 23 million loss on bitcoin.

Because Tesla holds bitcoin as an intangible asset, accounting law dictates that when an asset price falls below the original purchase price, the company must report a loss. However, Tesla is not required to report an increase in the price of its underlying assets until it has sold its bitcoins.

The report also shows that Tesla did not buy or sell any digital currency in the second quarter of the year. Thus, the purchase of Tesla digital currency alone goes back to the purchase of $ 1.5 billion in bitcoin in the first quarter of the year. The company cashed in $ 272 million of its bitcoins during the same period.

Tesla’s net income of $ 1.14 billion is calculated using GAAP. GAAP is a set of generally accepted accounting rules used to prepare financial statements, including cost matching and revenue recognition.

Figures that are not in line with generally accepted accounting principles, which do not include unusual or non-cash expenses such as depreciation, disposable balance sheet, and the purchase of shares in other companies, estimate that Tesla had revenue of $ 1.6 billion and profit of $ 1.45. Earned per share.

Tesla Financial Report: $ 23 million loss on bitcoin investment
Comparison chart of Tesla’s net income and pre-interest income, taxes and depreciation

Tesla CEO Ilan Musk denied rumors that the company would sell bitcoins in the near future during a July 22 conference at The B Word, saying that Tesla may pay for bitcoins to buy electric vehicles. Resume yourself.

Musk also announced for the first time that its aerospace company, SpaceX, holds bitcoins, and stressed that Tesla and SpaceX have no plans to sell their bitcoins.

We do not sell our bitcoins, I personally do not sell anything and SpaceX does not sell its bitcoins.

.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button