Key Takeaways
- Tesla held 11,509 BTC worth approximately $765 million during its Q3 2024 earnings call.
- Tesla’s third-quarter earnings exceeded expectations and improved compared to the previous quarter, with a gross margin of 19.8%.
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Tesla released its third quarter earnings report showing solid financial performance while maintaining significant Bitcoin holdings.
Analysts and investors have been particularly focused on the company’s profit margins and whether Tesla will change its Bitcoin strategy following recent wallet movements. Despite speculation, Tesla confirmed that its Bitcoin holdings have not changed.
As of the third quarter, Tesla continues to hold 11,509 BTC worth approximately $765 million. This follows a week of significant movements in Bitcoin wallets, leading to speculation that Tesla could sell or transfer its assets to a custodian.
Tesla’s third-quarter earnings report delivered a few surprises that exceeded many analysts’ expectations. The company reported gross margin of 19.8%, an improvement from 18.0% in the second quarter.
However, Tesla’s revenue for the quarter came in at $25.1 billion, slightly below estimates of $25.4 billion. Nonetheless, this represents an 8% increase over the previous year and underpins the company’s strong global sales performance.
Tesla’s “We, Robot” event earlier this month generated a lot of interest as it unveiled its unmanned Cybercab and other autonomous technologies. But despite these expectations, investors and analysts have turned their focus back to Tesla’s core automotive business.
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