Tesla smashes first-quarter 2021 earnings expectations

Tesla has submitted its first quarterly report for 2021. The company's results beat Wall Street analysts' expectations, with revenues nearly doubling year-over-year.

The company reports that profits for the first quarter of 2021 were 93 cents per share on the Wall Street consensus forecast of 79 cents per share. Revenue rose to $ 10.39 billion out of $ 5.99 billion a year earlier. Analysts were expecting revenue of $ 10.29 billion, according to IBES data from Refinitiv. The company delivered more than half a million vehicles in 2020 and 184,800 vehicles worldwide in the first quarter, exceeding the results of the last quarter of 2020 by about 4,000 vehicles.

As Bloomberg notes, the company's profits are growing amid strong global demand for the Model 3 sedan, but the company has left unchanged its multi-year forecast for supply growth of 50%. Tesla will expand its operations in America, Asia and Europe over the course of the year, and will continue building new car factories in Austin, Texas and Berlin. The company said there was no problem in tackling the global chip shortage due to its extremely rapid transition to newer microcontrollers.