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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