(Reuters) -Tesla Inc surged past Wall Street estimates for quarterly revenue on Wednesday after the electric-vehicle maker delivered record units at higher prices.
Revenue rose to $18.76 billion in the first quarter ended March 31, from $10.39 billion a year earlier. Analysts had expected $17.8 billion, according to IBES data from Refinitiv.
Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.
Meanwhile, the company’s two new factories in Texas and Berlin are ramping up production, with Musk delivering Tesla’s first Texas-made Model Y vehicles earlier this month. The company started deliveries in Berlin in March.
Net income was $3.32 billion, or $2.86 per share, compared with a profit of $438 million, or 39 cents per share, a year earlier. Analysts had expected a profit of $2.26 per share.
The company’s shares rose 3.5% after the bell. They had closed down 5% at $977.2 in regular trading on Wednesday.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)
