Tesla’s quarterly profit has surpassed $1 billion for the first time. The financial milestone extends a two-year run of prosperity that has allayed questions about the automaker's long-term viability.
FILE - The company logo is shown at the top of a supercharger for Tesla automobiles near shops Feb. 25, 2021 in Boulder, Colo. Tesla's quarterly profit has surpassed $1 billion for the first time thanks to the electric car pioneer's ability to navigate through a pandemic-driven computer chip shortage that has caused major headaches for other automakers.
The financial milestone announced Monday extended a two-year run of prosperity that has erased questions about Tesla’s long-term viability raised during its early years of losses and production problems. Adjusted to exclude one-time times items, Tesla earned $1.45 a share in the latest quarter, easily topping the 94 cents expected by Wall Street analysts, according to FactSet.Tesla now boasts a market value of roughly $630 billion, far more than any other automaker and 14 times more than what the company was worth just two years ago. Its mercurial CEO, Elon Musk, is now sitting on the world’s third largest fortune at an estimated $163 billion, according to Forbes magazine’s calculations.
Musk, who jokingly anointed himself as Tesla’s “Technoking” earlier this year, let investors know that he might not be the executive discussing how the company is faring during the second half of the year.
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