The Austin, Texas, maker of electric vehicles and solar panels said it earned $3.69 billion from October through December or an adjusted $1.19 per share. That beat estimates of $1.13 that had been reduced by analysts, according to FactSet. The company’s profit was 59% more than the same period a year ago.
Revenue for the quarter was $24.32 billion, which fell short of the $24.67 billion that analysts expected.
CEO Elon Musk said that despite price cuts of up to 20% on some of its vehicles announced earlier this month, demand for Tesla products is strong and sales are constrained by production.
Some analysts have said the price cuts were a sign Tesla’s sales are softening. But so far in January, Tesla has seen the strongest orders year-to-date in its history, Musk said on a webcast with analysts.
“We think demand will be good despite probably a contraction in the automotive market as a whole,” he said. “Demand far exceeds production,” Musk said, adding that Tesla is even making small price increases.
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