.Telsa held onto its bitcoin in the third quarter, with no new buys. It’s a stark contrast to the second quarter where the electric car company sold off 75% of its holdings.
. The company said it realized a gain of $64 million on the sale of its holdings in the second quarter, which was offset by impairment charges of $170 million on the remainder of its bitcoin, resulting in a net cost of $106 million on its profit and loss statement., a move that caused the price of bitcoin to surge. Later in that first quarter the company trimmed its bitcoin position by 10%, a sale that boosted that quarter’s earnings by $272 million.
Overall for the third quarter, Tesla reported adjusted earnings per share of $1.05, beating the consensus of analyst estimates reported to FactSet of $1.00 a share, on revenue of $21.45 billion, shy of a $21.98 billion estimate. Shares of Tesla were falling just over 4% to $212.83 in after-hours trading Wednesday.Added information on impairment charges and Tesla's overall results and share price.
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