2023-01-25 21:18:41

Teslas Profit Jumped 12% in Fourth Quarter

Logo The New York Times
The New York Times
By Jack Ewing

The electric car company is facing intensifying competition, supply chain disruptions and concerns about the behavior of Elon Musk.

Tesla said Wednesday that profit in the fourth quarter of 2022 rose 12 percent from the previous quarter, above Wall Street expectations, capping a tumultuous year that included intensifying competition, supply chain disruptions and concerns about the behavior of its chief executive, Elon Musk.

Net profit for the quarter was $3.7 billion, up from $3.3 billion in the third quarter, Tesla said. For the full year, Tesla profit more than doubled to $12.6 billion from $5.5 billion in 2021. Sales for the year, including revenue from solar panels and other businesses, rose to $81.5 billion from $53.8 billion the previous year.

It was an eventful year for Tesla dominated by Mr. Musks acquisition of Twitter, which led to complaints by Tesla investors that he was neglecting his duties at the carmaker at a critical time.

Mr. Musk has essentially gone from a superhero with a red cape to a villain in the eyes of many investors after the ongoing Twitter fiasco has cast a dark shadow over Teslas stock,

Daniel Ives, an analyst at Wedbush Securities, said in a note to investors ahead of the earnings report.

Continue read on nytimes.com

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