Tesla Inc. notched its fifth straight quarter of vehicle-delivery growth in a period when the company’s foray into cryptocurrency could hit its bottom line.
The Silicon Valley electric-car maker handed over roughly 201,250 vehicles to customers in the three months ending in June, the company said Friday, more than double the 90,891 vehicles it placed with customers in the year-ago period. Analysts forecast Tesla would deliver around 207,000 vehicles in the period, according to FactSet.
Tesla delivered 184,877 vehicles in the first quarter.
The increase in vehicle shipments is expected to boost Tesla’s revenue in the quarter to around $11.4 billion, according to analysts surveyed by FactSet.
Tesla, which bought $1.5 billion worth of bitcoin earlier this year, has substantial leeway in how it accounts for its cryptocurrency, said Vivian Fang, an associate professor of accounting at the University of Minnesota. But based on the company’s disclosed accounting methodology, which factors in the lowest market price of bitcoin since the asset was acquired, Tesla likely will need to write down the value of its holdings in the second quarter, Dr. Fang said.
