Tesla record profit blows away estimates

But the company warned that it is not immune from supply chain problems, which it said limited “our ability to run our factories at full capacity,” a situation that will likely persist through the rest of 2022, it added. A recent Covid outbreak and lockdown rules in China forced it to temporarily shut its factory in Shanghai earlier this month.

“Recent Covid-19 outbreaks have been weighing on our supply chain and factory operations,” Tesla said. “Furthermore, prices of some raw materials have increased multiple-fold in recent months. The inflationary impact on our cost structure has contributed to adjustments in our product pricing.”

Still, even with supply chain issues the company earned adjusted income of $3.7 billion, much higher than the $2.6 billion forecast by analysts surveyed by Refinitiv. It also was more than triple the $1.1 billion it earned on that basis a year ago and 30% higher than the previous record of $2.9 billion it posted in the fourth quarter of last year.

Revenue of $18.8 billion also easily topped forecasts, rising 6% from the fourth quarter sales and 81% from the year ago total.

Shares of Tesla (TSLA) jumped 4% in after-hours trading immediately following the report.

This is a breaking story.

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