Tesla Q4 Earnings Highlights: Earnings and EPS Beat, Cybertruck and Crypto Holdings Updates, and More

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Electric vehicle leader Tesla Inc TSLA announced its fourth quarter results after the market closed on Wednesday. Here are the main highlights.

What happened: Tesla reported fourth-quarter revenue of $24.32 billion, up 37% year-over-year. Total revenue topped a Street estimate of $24.16 billion, according to data from Benzinga Pro.

Tesla reported fourth-quarter adjusted earnings per share of $1.19, which beat a Street estimate of $1.13.

The company said the fourth quarter marked the highest revenue, operating profit and net profit in the company’s history.

Automotive revenue was $21.3 billion, up 33% year-over-year.

The company announced a 100MW solar deployment in the fourth quarter, up 18% year-over-year. Energy storage totaled 2,462 MWh in the fourth quarter, up 152% year-over-year.

Vehicle production totaled 439,701 units in the fourth quarter and deliveries amounted to 405,278 electric vehicles. Those numbers were up 44% and 31% year-over-year, respectively.

For the full fiscal year, Tesla reported revenue of $8.15 billion, up 51% year-over-year. Earnings per share for the full year were $4.07 and were up 80% year over year.

Tesla ended the fourth quarter with $22.2 billion in cash.

The company ended the fourth quarter with 4,678 Superchargers and 42,419 Connectors, both up 35% year over year.

The company reported $184 million in digital assets on its balance sheet in the fourth quarter, down from the $218 million reported in the second and third quarters. The digital assets could consist of Bitcoin BTC/USD which was previously purchased by the company and Dogecoin DOGE/USD which is accepted for commodities.

Related Link: Trading Strategies for Tesla Stock Before and After Q4 Earnings

What’s next: Tesla shared an update on the company heading into fiscal 2023.

As we move towards 2023, we know there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates. The Tesla team is used to challenges, given the culture needed to get the company to where it is today, the company said.

Tesla said it was accelerating its cost-cutting roadmap and focusing on higher production rates.

The company said it is on track to begin production of the highly anticipated Cybertruck later this year at Gigafactory Texas.

Tesla also said its next-generation vehicle platform is under development and more details will be shared at its next Investor Day on March 1, 2023.

Tesla said it remains committed to a target production goal of 50% annual growth. The company said it expects to stay ahead of the 50% figure in 2023 with 1.8 million vehicles.

TSLA Price Action: Tesla shares are up slightly at $144.89 in after-hours trading at the time of writing.

Read next: Tesla prepares new Nevada factory to make semi-trucks and massive batteries

Photo courtesy of Tesla.

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