Tesla Posts $80M Bitcoin Profit as Q3 Revenue Tops Estimates
Tesla (TSLA) booked an $80 million gain on its Bitcoin holdings in the third quarter, benefiting from the cryptocurrency’s price rise.
As of September 30, the company held 11,509 BTC, valued at approximately $1.35 billion, up from $1.235 billion at the end of Q2. New FASB rules require Tesla to recognize quarterly gains or losses on digital assets, replacing the prior practice of marking holdings to their lowest value during the reporting period.
Tesla also exceeded expectations on revenue, reporting $28.1 billion for Q3 versus the $26.36 billion consensus. Adjusted EPS came in at $0.50, slightly below the forecast of $0.54, while adjusted EBITDA totaled $4.3 billion. Cash and equivalents stood at $41.6 billion at quarter-end.
After-hours, TSLA shares were slightly lower at $434.
