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Boing Boing 27 April, 2021 - 10:10am 21 views

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Elon Musk, (born June 28, 1971, Pretoria, South Africa), South African-born American entrepreneur who cofounded the electronic-payment firm PayPal and formed SpaceX, maker of launch vehicles and spacecraft. ... britannica.comElon Musk | Biography & Facts

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There was more detail, however, for investors and analysts to digest on the quarterly earnings conference call. The call started at 5:30 p.m. eastern time and ran for about 70 minutes. Barron'sTesla Earnings Call Just Finished. Here Are 5 Things to Know.

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Tesla sold 10% of its Bitcoin holdings to prove the cryptocurrency's liquidity as an alternative to holding cash on the balance sheet, CEO Elon Musk said in a tweet reply. LivemintElon Musk says Tesla sold Bitcoin to prove liquidity as cash alternative

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Shares of Tesla (NASDAQ:TSLA) took a hit on Tuesday. The stock slid as much as 4.5% but was down 3.9% as of 11:00 a.m. EDT.

The growth stock's decline followed the electric-car maker's first-quarter earnings release after market close on Monday. While the results were solid, they didn't feature the wow factor some analysts and investors had been hoping for.

Tesla reported revenue of $10.4 billion, up 74% year over year. Non-GAAP (adjusted) earnings per share were $0.93, up 304% year over year. Analysts, on average, had been expecting revenue and adjusted earnings per share of $10.3 billion and $0.79, respectively. 

Analysts seemed largely unimpressed with the quarter. JPMorgan analyst Ryan Brinkman said earnings before interest and taxes were worse than expected, particularly when excluding the lift Tesla received from sales of regulatory credits. Jefferies analyst Philippe Houchois called the quarter's results "mixed," and he reaffirmed a $700 12-month price target. Wedbush analyst Daniel Ives, however, kept a $1,000 price target on the stock and said that Tesla's production capacity expansion plans and the company's rate of new vehicle orders are both promising.

For the full year, Tesla reiterated its previous prediction that vehicle deliveries will increase more than 50% year over year in 2021. In addition, management said Tesla is on track to start production and deliveries of vehicles from its new factories in Berlin and Texas later this year.

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