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Tesla hits record profit despite parts shortage, ship delays

This Feb. 9, 2019, file photo shows a sign bearing the company logo outside a Tesla store in...
This Feb. 9, 2019, file photo shows a sign bearing the company logo outside a Tesla store in Cherry Creek Mall in Denver.(AP Photo/David Zalubowski, File)
Published: Oct. 20, 2021 at 4:25 PM PDT
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DETROIT (AP) - Record electric vehicle sales last summer amid a shortage of computer chips and other materials propelled Tesla Inc. to the biggest quarterly net earnings in its history.

The company said Wednesday that it made $1.62 billion in the third quarter, beating the old record of $1.14 billion set in the second quarter of this year.

The profit was nearly five times larger than the $331 million Tesla made in the same quarter a year ago.

Revenue of $13.76 billion from July through September also set a record, but it fell short of Wall Street expectations of just over $14 billion.

Excluding special items such as stock-based compensation, Palo Alto, California-based Tesla made $1.86 per share, beating analyst estimates of $1.62.

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