Tesla had revenues of $10.74 billion in the fourth quarter of 2020, according to its earnings released today after the markets closed. That’s 46% more than the $7.38 billion it reported in the final quarter of 2019—and above the $10.4 billion analysts has expected.
However, the Palo Alto, California-based company missed on earnings: 80 cents versus the forecast $1.03.
“This past year was transformative for Tesla,” the electric carmaker said in a statement. “Despite unforeseen global challenges, we outpaced many trends seen elsewhere in the industry as we significantly increased volumes, profitability and cash generation.”
This quarter marks the first time Tesla has been part of the S&P 500; the company joined the index on December 21.
Earlier this month, Tesla announced it had produced 509,737 vehicles and delivered 499,550. The majority in both categories was the Models 3 and Y; the rest were the pricier Model Ss and Xs. The company has been shifting to the less expensive models.
Tesla earnings aren’t the only reason Elon Muck is the news this week.
His tweet on Tuesday about GamesStop—”Gamestonk!!” was the exact wording—is credited with helping that stock’s continued popularity after it was fueled by investors on Reddit.