Tesla’s Earnings Crushed Expectations Despite Inflation

The stock is up

Tesla's first-quarter profit was far higher than expected. Above, CEO Elon Musk speaks at the opening party for Tesla's new factory in Texas.

Tesla ’s first-quarter earnings looked surprisingly great. CEO Elon Musk even offered guidance for the rest of 2022.

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The company essentially beat inflation by substituting materials and relentlessly focusing on manufacturing.

Operating profit came in at a record $3.6 billion, compared with expectations for about $2.6 billion.

Shares have dropped three of the past four times Tesla has reported quarterly numbers. All four times, the company beat analysts’ projections.