Electric vehicle maker Tesla has made no changes to its sizable Bitcoin (BTC) holdings – for the fifth quarter in a row – although it has committed further funding to double its computing capacity as part of its artificial intelligence efforts.
Tesla’s third-quarter 2023 results, released on October 18, show that the company had $184 million worth of digital assets as of September 30 – a portion of $1.5 billion worth of Bitcoin , which the company first purchased in March 2021.
According to its latest quarterly results, the company has not bought or sold Bitcoin since selling around 75% of its holdings in the second quarter of 2022, when it raised $936 million for more than 30,000 BTC.
Excerpt from Tesla’s Q3 2023 balance sheet highlighting digital assets. Source: Tesla
On the other hand, Tesla reported that it had “more than doubled” the size of its computing power for its AI projects, citing a growing training data set and switching the training of its humanoid robot Optimus to AI instead of coded software.
“We have commissioned one of the largest supercomputers in the world to accelerate the pace of our AI development, with computing capacity more than doubling compared to the second quarter.”
Tesla reported total third-quarter revenue of $23.35 billion, falling short of Wall Street estimates. While this was up nearly 9% from the same period last year, it missed Zacks Investment Research’s estimate of $24.38 billion.
It also missed forecast earnings, with reported earnings per share (EPS) of $0.66 compared to Zacks EPS estimate of $0.72.
Total operating expenses were $2.41 billion in the third quarter, an increase of more than 13% from last quarter and an increase of over 42.5% year over year.
Related: Bitcoin Clean Energy Consumption Reportedly Over 50% – Will Tesla Start Accepting BTC Payments?
Tesla’s research and development costs were $1.16 billion in the quarter, up 58% year over year. The company attributed the increases to its “Cybertruck, AI and other research and development projects.”
Shares of Tesla (TSLA) fell further to a low of $230.19 after the bell. Source: Google Finance
Tesla shares lost nearly 4.8% on the day, closing at $242.68. In after-hours trading, they fell another 4.25% to $232.37, according to Google Finance data.
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