Coinspeaker
Tesla Earnings Report Show Firm Holding onto Bitcoin in Q3 2023
It has now been five consecutive quarters that electric vehicle maker Tesla Inc (NASDAQ: TSLA) has left its sizable Bitcoin (BTC) holdings untouched. That is despite recently spending greatly towards improving its artificial intelligence (AI) ambitions and projects.
According to Tesla’s Q3 2023 report that was released on Wednesday, the company still has $184 million worth of digital assets in its possession. That is as of September 30.
The third quarterly report shows that Tesla continues to hold on to its BTC holding having last sold about 75% of it in the second quarter of 2022.
Tesla Commits Strongly to AI and R&D
Meanwhile, Tesla continues to invest heavily in its AI ambitions. According to the automaker, so far, it has “more than doubled the size” of its computing power for its AI projects. But there is a germane reason for the money splash, according to the firm.
First, it claims that its training data sets continue to grow massively. It also confirms that it seeks to switch the training of its humanoid robot Optimus from coded software to AI. Part of Tesla’s statement reads:
“We have commissioned one of the world’s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2.”
Interestingly, Tesla has also been focused on its Research and Development (R&D) department. The quarterly report again shows Tesla putting its money where its heart is. In the last quarter alone, the firm’s R&D expenses were to the tune of $1.16 billion, a 58% jump in a year.
Other Details
The Q3 earnings of Tesla saw its profits iof$23.35 billion narrowly missed the Zacks Investment Research’s estimate of $24.38 billion. And that is despite the revenue coming up 9% higher than it was in the same period last year.
Similarly, the company missed projected profits, coming in with a reported earnings per share (EPS) of $0.66 as opposed to Zack’s $0.72 EPS estimate.
Operating expenses during the third quarter surged 13% from the previous quarter to $2.41 billion.
As of publication, Tesla shares are down nearly 4.78% on the day, per Google Finance data.
Tesla Earnings Report Show Firm Holding onto Bitcoin in Q3 2023
