1 year ago
Tesla held onto its sizeable Bitcoin bags successful the 3rd 4th and upped its spending connected artificial quality and probe and development.
Electric conveyance shaper Tesla made nary changes to its sizeable Bitcoin (BTC) holdings — the 5th 4th successful a enactment — though it has directed much funds to treble its computing capableness amid artificial quality efforts.
Tesla’s Q3 2023 results released connected Oct. 18 amusement arsenic of Sept. 30, it held $184 cardinal worthy of integer assets — a information of the $1.5 billion worthy of Bitcoin it archetypal bought successful March 2021.
The latest quarterly results mean it hasn’t bought oregon sold immoderate Bitcoin since its sell-off of astir 75% of its holdings successful Q2 2022 erstwhile it fetched $936 cardinal for much than 30,000 BTC.
Excerpt of Tesla’s Q3 2023 equilibrium expanse with its integer plus holdings highlighted. Source: TeslaOn the different hand, Tesla reported it had “more than doubled the size” of its computing powerfulness for its AI projects, citing a increasing grooming information acceptable and switching the grooming of its humanoid robot Optimus to AI alternatively than coded software.
“We person commissioned 1 of the world’s largest supercomputers to accelerate the gait of our AI development, with compute capableness much than doubling compared to Q2.”Tesla saw its third-quarter net and profits miss Wall Street estimates, with reported full revenues of $23.35 billion. While this was up by astir 9% from the prior-year period, it missed Zacks Investment Research’s estimate of $24.38 billion.
It besides missed projected profits, with reported net per stock (EPS) of $0.66 compared to Zack’s $0.72 EPS estimate.
Total third-quarter operating expenses came successful astatine $2.41 billion, marking much than a 13% summation from past 4th and implicit a 42.5% summation from the anterior year.
Tesla’s probe and improvement expenses were $1.16 cardinal successful the quarter, a 58% leap from past year. It attributed the increases to its “Cybertruck, AI and different R&D projects.”
Tesla (TSLA) shares continued to autumn aft the doorbell to a debased of $230.19. Source: Google FinanceTesla shares were down astir 4.8% connected the day, closing astatine $242.68 and fell a further 4.25% successful after-hours trading to $232.37 per Google Finance data.
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