Tesla’s BTC Holdings Stay Put In Q3
The post Tesla’s BTC Holdings Stay Put In Q3 appeared on BitcoinEthereumNews.com. Table of Contents Elon Musk-owned automotive company Tesla revealed that it has managed to hold on to all its Bitcoin even through the financial turmoil of the third quarter of 2023. Tesla’s Bitcoin Holdings Remain Unchanged In the midst of a turbulent third quarter of 2023, Tesla, the electric vehicle and clean energy giant led by Elon Musk, has successfully held onto its Bitcoin holdings, maintaining a conservative financial approach. At its Q3 update, Tesla announced that it retained its entire Bitcoin portfolio, valued at $312,000,000, marking the company’s fifth consecutive quarter without any sales. The Bitcoin stash did dip by $9,000,000 in comparison to the previous quarter. Notably, Tesla refrained from any Bitcoin transactions since its substantial sale of over 30,000 BTC, approximately 75% of its holdings, in Q2 2022, which generated $936 million. The company had initially invested $1.5 billion in Bitcoin in early 2021. Financial Performance and Stock Market Reaction While Tesla remained unwavering in its Bitcoin stance, its financial performance faced some challenges. The company reported adjusted earnings of 66 cents per share, falling short of the projected 73 cents. Moreover, Tesla’s revenue amounted to $23.35 billion, which didn’t meet the expected $23.9 billion. The gross profit margin for Q3 landed at 17.9%, slightly below the estimated 18%. Following the earnings announcement, Tesla’s shares declined by 4.78%, reaching a value of $242.68 per share. During the shareholder presentation, Tesla also disclosed that its CYBERTRUCK pilot production had already exceeded 125,000 units ahead of the planned November product launch. Even though the company reported a 7% decline in vehicle deliveries in this quarter, it is still hopeful about hitting its yearly target of delivering 1.8 million vehicles. Conservative Approach Amid Uncertainties Tesla’s decision to maintain its Bitcoin holdings amid a volatile market suggests a more cautious approach…
The post Tesla’s BTC Holdings Stay Put In Q3 appeared on BitcoinEthereumNews.com.
Table of Contents Elon Musk-owned automotive company Tesla revealed that it has managed to hold on to all its Bitcoin even through the financial turmoil of the third quarter of 2023. Tesla’s Bitcoin Holdings Remain Unchanged In the midst of a turbulent third quarter of 2023, Tesla, the electric vehicle and clean energy giant led by Elon Musk, has successfully held onto its Bitcoin holdings, maintaining a conservative financial approach. At its Q3 update, Tesla announced that it retained its entire Bitcoin portfolio, valued at $312,000,000, marking the company’s fifth consecutive quarter without any sales. The Bitcoin stash did dip by $9,000,000 in comparison to the previous quarter. Notably, Tesla refrained from any Bitcoin transactions since its substantial sale of over 30,000 BTC, approximately 75% of its holdings, in Q2 2022, which generated $936 million. The company had initially invested $1.5 billion in Bitcoin in early 2021. Financial Performance and Stock Market Reaction While Tesla remained unwavering in its Bitcoin stance, its financial performance faced some challenges. The company reported adjusted earnings of 66 cents per share, falling short of the projected 73 cents. Moreover, Tesla’s revenue amounted to $23.35 billion, which didn’t meet the expected $23.9 billion. The gross profit margin for Q3 landed at 17.9%, slightly below the estimated 18%. Following the earnings announcement, Tesla’s shares declined by 4.78%, reaching a value of $242.68 per share. During the shareholder presentation, Tesla also disclosed that its CYBERTRUCK pilot production had already exceeded 125,000 units ahead of the planned November product launch. Even though the company reported a 7% decline in vehicle deliveries in this quarter, it is still hopeful about hitting its yearly target of delivering 1.8 million vehicles. Conservative Approach Amid Uncertainties Tesla’s decision to maintain its Bitcoin holdings amid a volatile market suggests a more cautious approach…
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