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Despite Decline in Demand, Tesla Reports Record Revenue & Earnings

The company released its 2022 numbers on Wednesday after an up-and-down year that saw founder Elon Musk become the first person to ever lose over $200 billion in net worth.

Tesla earned $3.7 billion in net income on $24.3 billion in revenue, representing a 59% Q4 increase from this time last year when the company reported $2.8 billion in revenue. Despite a decline in demand for the electric cars and never-ending drama around Elon Musk, the company hit record revenue and beat earnings projections.

Here’s a quick breakdown of what Tesla announced:

  • Total revenue grew 37% YoY in Q4.
  • The operating income increased to $3.9 billion in Q4 for a 16% operating margin.
  • The adjusted earnings were $1.19 per share in the quarter, up from 85 cents a share a year earlier.
  • For 2022, the company had adjusted earnings per share of $4.07.
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Company Outlook

On its official website, Tesla writes that in 2023 it expects to remain “ahead of the 50% CAGR” with around 1.8 million cars for the year. Despite the positive outlook here, it was one of the most unique quarters for a company like Tesla. Musk’s purchase of Twitter led to an immediate decline in Tesla’s stock price, which fell by as much as 65% over the course of 2022. As a result, Bloomberg reported that Musk became the first person in history to lose $200 billion.

Wrapping all things up, the electric car maker beat on both earnings and revenue. Tesla reported production of 439,701 vehicles in the period ending Dec. 31, 2022. Full-year deliveries generated around 1.31 million — a record for the company — after starting production at new factories in Texas and Germany.

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About The Author
Anthony Puccio
Anthony Puccio
Anthony Puccio is a Staff Writer at Boardroom. Puccio has 10 years of experience in journalism and content creation, previously working for SB Nation, The Associated Press, New York Daily News, SNY, and Front Office Sports. In 2016, he received New York University's CCTOP scholarship and earned a bachelor's degree in Communications from St. John's University. He can be spotted a mile away thanks to his plaid suits and thick New York accent. Don't believe us? Check his Twitter @APooch.