Key Points:
Tesla’s revenue hit $25.5 billion, but earnings per share were just $0.52 with a $622 million restructuring charge.
Tesla Bitcoin holdings are currently maintained at 11,509 BTC, valued at over $755 million, with no recent purchases or sales.
Tesla’s stock fell 2.04% to $246.38, amid growing competition in the electric vehicle market.
Tesla released its quarterly earnings, giving mixed results with strong revenues and disappointing earnings per share.
Read more: Tesla And SpaceX Bitcoin Holdings Are Now Disclosed With Over $1.3 Billion
Tesla Bitcoin Holdings Remain Unchanged
The electric vehicle maker brought in revenues of $25.5 billion, above expectations, while earnings per share disappointed at $0.52 to indicate how tough this quarter has been for the firm. It also took a $622 million restructuring charge likely related to major layoffs earlier in the year.
Despite these financial results, Tesla itself has not changed its holding of. Bitcoins. The company has 11,509 BTC for more than $755 million. Tesla had invested $1.5 billion in the cryptocurrency in early 2021 but sold 75% of its holding by mid-2022. Although CEO Elon Musk said that the Tesla Bitcoin holding may increase in the future, nothing new has been bought so far.
Tesla’s Stock Drops Amid Increased Market Competition
Tesla's shares slid to $246.38 post the earnings report, a 2.04% drop in trading. Other than challenges in its core business, rising competition in the electric vehicle space is taking a toll on Tesla's market share.
In contrast, Bitcoin slipped almost 2.65 per cent in the last 24 hours and is trading at $65,750, with an approximate trading volume of $35.2 billion. The position, however, remains strong for Tesla on the cryptocurrency market. As of writing, Tesla Bitcoin holdings are presently valued at over $755 million.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
