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Electrical automobile maker Tesla (TSLA) didn’t purchase or promote any bitcoin for the fourth straight quarter in Q2 2023, the corporate stated in its earnings release on Wednesday after the market shut.
The online worth of its digital property on the finish of the quarter was $184 million, the identical as it has been for the previous three quarters. On the finish of the second quarter, the worth of bitcoin was roughly $30,400, up from about $28,500 on the finish of the primary quarter. Nevertheless, present accounting guidelines don’t enable the valuation of digital property to be elevated when costs rise except the property are bought, however they are often lowered when costs decline, even earlier than a sale.
Tesla hasn’t purchased or bought any bitcoin since final 12 months’s second quarter, when it bought greater than 30,000 bitcoins, or roughly 75% of its holdings, for $936 million. The corporate initially purchased $1.5 billion price of bitcoin in early 2021, with CEO Elon Musk giving a lift to bitcoin costs by additionally saying Tesla would settle for bitcoin as cost for its vehicles, which Musk ultimately backtracked on.
For the second quarter, Tesla reported adjusted earnings per share of $0.91, versus the consensus analyst estimate of $0.80, in response to FactSet. Income of $24.9 billion beat analyst estimates of $24.2 billion.
Shares had been up 1% to $288.96 in after-hours buying and selling. Shares are up greater than 136% this 12 months.
CORRECTION (July 19 20:28 UTC): A earlier model of the story mistakenly acknowledged that Tesla’s adjusted Q2 earnings per share had been $0.78, as an alternative of $0.91.
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