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Tesla record profit blows away estimates

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Published 1:47 PM

By Chris Isidore, CNN Business

    (CNN) -- Tesla's posted record profits once again, overcoming supply chain issues that have dogged the broader auto industry to blow away Wall Street's forecast for the company for the first quarter of 2022.

The company earned adjusted income of $3.7 billion, much higher than the $2.6 billion forecast by analysts surveyed by Refinitiv. It also was more than triple the $1.1 billion it earned on that basis a year ago and up from the previous record of $2.9 billion it posted in the fourth quarter of last year.

Shares of Tesla jumped 5% in after-hours trading immediately following the report.

This is a breaking story.

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