{"id":23818,"date":"2023-10-19T02:51:10","date_gmt":"2023-10-19T02:51:10","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/tesla-earnings-bitcoin-bags-untouched-as-firm-splashes-out-on-ai\/"},"modified":"2023-10-19T02:51:12","modified_gmt":"2023-10-19T02:51:12","slug":"tesla-earnings-bitcoin-bags-untouched-as-firm-splashes-out-on-ai","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/tesla-earnings-bitcoin-bags-untouched-as-firm-splashes-out-on-ai\/","title":{"rendered":"Tesla earnings: Bitcoin bags untouched as firm splashes out on AI"},"content":{"rendered":"
\n

Electric vehicle maker Tesla\u00a0 made no changes to its sizeable Bitcoin (BTC) holdings \u2014 the fifth quarter in a row \u2014 though it has directed more funds to double its computing capacity amid artificial intelligence efforts.<\/p>\n

Tesla\u2019s Q3 2023 results released on Oct. 18 show as of Sept. 30, it held $184 million worth of digital assets \u2014 a portion of the $1.5 billion worth of Bitcoin it first bought in March 2021.<\/p>\n

The latest quarterly results mean it hasn\u2019t bought or sold any Bitcoin since its sell-off of around 75% of its holdings in Q2 2022 when it fetched $936 million for more than 30,000 BTC.<\/p>\n

Excerpt of Tesla\u2019s Q3 2023 balance sheet with its digital asset holdings highlighted. Source: Tesla<\/em><\/figcaption><\/figure>\n

On the other hand, Tesla reported it had \u201cmore than doubled the size\u201d of its computing power for its AI projects, citing a growing training data set and switching the training of its humanoid robot Optimus to AI rather than coded software.<\/p>\n

\u201cWe have commissioned one of the world\u2019s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2.\u201d<\/p><\/blockquote>\n

Tesla saw its third-quarter earnings and profits miss Wall Street estimates, with reported total revenues of $23.35 billion. While this was up by nearly 9% from the prior-year period, it missed Zacks Investment Research\u2019s estimate of $24.38 billion.<\/p>\n

It also missed projected profits, with reported earnings per share (EPS) of $0.66 compared to Zack\u2019s $0.72 EPS estimate.<\/p>\n

Total third-quarter operating expenses came in at $2.41 billion, marking more than a 13% increase from last quarter and over a 42.5% increase from the prior year.<\/p>\n

Related: <\/em><\/strong>Bitcoin clean energy usage reportedly exceeds 50% \u2014 Will Tesla start accepting BTC payments?<\/em><\/strong><\/p>\n

Tesla\u2019s research and development expenses were $1.16 billion in the quarter, a 58% jump from last year. It attributed the increases to its \u201cCybertruck, AI and other R&D projects.\u201d<\/p>\n

Tesla (TSLA) shares continued to fall after the bell to a low of $230.19. Source: Google Finance<\/em><\/figcaption><\/figure>\n

Tesla shares were down nearly 4.8% on the day, closing at $242.68 and fell a further 4.25% in after-hours trading to $232.37 per Google Finance data.<\/p>\n

Magazine: <\/em><\/strong>NFT Collector: Creative AI art, Tomorrowland sells tomorrow\u2019s future<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Electric vehicle maker Tesla\u00a0 made no changes to its sizeable Bitcoin (BTC) holdings \u2014 the fifth quarter in a row \u2014 though it has directed more funds to double its computing capacity amid artificial intelligence efforts. 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