Add as a preferred source on GoogleTesla Q3 GAAP Net Income Included $288 Million Unrealized Bitcoin Gain
Revenue was $28.05 billion, while GAAP net income fell 43% to $787 million. Adjusted earnings were $0.48 per share, above the $0.45 expectation.
Tesla's third-quarter GAAP net income included a $288 million unrealized gain tied to its Bitcoin (BTC) holdings. The company made no Bitcoin sales during the quarter and still held 11,509 BTC.
An unrealized gain reflects an asset's recorded value before its owner sells it. The gain was part of Tesla's GAAP net income, without cash proceeds from a Bitcoin sale.
Revenue reached $28.05 billion, almost unchanged from a year earlier. GAAP net income was $787 million, a 43% year-over-year decline, and operating income was $718 million, down 56%. Gross margin was 19.6%.
Adjusted earnings came to $0.48 per share, above the $0.45 expectation, and free cash flow totaled $1.53 billion.
Ahead of earnings, seven projections compiled by Tesla put the average after-tax unrealized digital-asset gain at $288 million, a figure covered in the pre-earnings outlook. That projection covered digital assets broadly and specified an after-tax amount; the quarter's $288 million gain was tied to Bitcoin holdings.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.