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Tesla’s Record Profit and Bitcoin Gains Are Met With a Shrug

  • EV maker leaves outlook for growth in deliveries unchanged
  • Company says cryptocurrency helped boost first quarter income
Bloomberg business news
Tesla Probably Won't Live Up to Valuation, Estimize CEO Says
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Tesla Inc. earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin.

And yet shares of the EV maker fell as much as 4.3% in early trading Tuesday, a sign of the lofty expectations Tesla now contends with after an eightfold gain in the stock last year. Among the quibbles from analysts: Tesla didn’t offer a specific estimate for vehicle deliveries in 2021.