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Tesla's Q3 Profits Increase by Approximately $80 Million Due to Bitcoin Fair Value Change
Summary: According to CoinDesk, Tesla (TSLA) did not change its holdings of 11,509 bitcoins in the third quarter, confirming approximately $80 million in profits due to the price increase, with the digital asset valued at around $1.35 billion at the end of the period. The company's Q3 revenue was $28.1 billion, exceeding market expectations of $26.36 ...
According to CoinDesk, Tesla (TSLA) did not change its holdings of 11,509 bitcoins in the third quarter, confirming approximately $80 million in profits due to the price increase, with the digital asset valued at around $1.35 billion at the end of the period. The company's Q3 revenue was $28.1 billion, exceeding market expectations of $26.36 billion; adjusted earnings per share were $0.50, lower than the expected $0.54. Under the new FASB rules, the company is required to recognize fair value changes in crypto assets quarterly. The stock price fell slightly to around $434 after hours.
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Link: Tesla's Q3 Profits Increase by Approximately $80 Million Due to Bitcoin Fair Value Change [Copy]
