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Tesla (TSLA) has reported in its Wednesday afternoon earnings release that it neither purchased nor sold any bitcoin during the first quarter of 2023.
Elon Musk's company held digital assets worth $184 million at the end of the first quarter, with no change from the fourth quarter of 2022. Despite the rise of bitcoin (BTC) to approximately $28,500 by the end of the first quarter, compared to $16,500 three months earlier, the valuation remained the same due to accounting rules that prevent gains from being recorded.
Tesla maintained its Bitcoin holdings at the same level for the third consecutive quarter without making any changes.
Tesla's first-quarter adjusted earnings per share (EPS) of 85 cents matched the consensus analyst estimate of 85 cents, as reported by FactSet. However, the company's revenue of $23.33 billion fell short of the expected $23.6 billion.
After the market closed, there was a 4.2% decrease in share prices.
Source Coindesk
