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The electric vehicle manufacturer Tesla has maintained its substantial Bitcoin (BTC) holdings for the fifth consecutive quarter, although it has allocated additional resources to enhance its computing capacity in relation to artificial intelligence initiatives.
Tesla’s Q3 2023 financial results, published on Oct. 18, indicate that as of Sept. 30, the company possessed $184 million in digital assets, part of the $1.5 billion in Bitcoin it initially acquired in March 2021.
The most recent quarterly results reveal that Tesla has neither purchased nor sold any Bitcoin since it liquidated approximately 75% of its holdings in Q2 2022, during which it generated $936 million from over 30,000 BTC.
Excerpt of Tesla’s Q3 2023 balance sheet with its digital asset holdings highlighted. Source: Tesla
Conversely, Tesla announced that it has “more than doubled the size” of its computing power for AI projects, attributing this to an expanding training data set and transitioning the training of its humanoid robot Optimus to AI instead of coded software.
“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.”
Tesla’s earnings and profits for the third quarter fell short of Wall Street expectations, reporting total revenues of $23.35 billion. Although this represented an increase of nearly 9% from the same period last year, it did not meet Zacks Investment Research’s forecast of $24.38 billion.
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The company also fell short of profit projections, with reported earnings per share (EPS) of $0.66 compared to Zacks’ estimate of $0.72 EPS.
Total operating expenses for the third quarter reached $2.41 billion, reflecting an increase of over 13% from the previous quarter and more than a 42.5% rise from the prior year.
Related: Bitcoin clean energy usage reportedly exceeds 50% — Will Tesla start accepting BTC payments?
Tesla’s research and development expenditures amounted to $1.16 billion for the quarter, marking a 58% increase from the previous year. The company attributed this rise to its “Cybertruck, AI and other R&D projects.”
Tesla (TSLA) shares continued to decline after hours, reaching a low of $230.19. Source: Google Finance
Tesla shares dropped nearly 4.8% during the day, closing at $242.68, and fell an additional 4.25% in after-hours trading to $232.37 according to Google Finance data.
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