Electric vehicle maker Tesla made no changes to its important Bitcoin (btc) holdings, the fifth consecutive quarter, although it has allocated more funds to double its computing capacity amid artificial intelligence efforts.
Tesla's third quarter of 2023 results published on October 18, as of September 30, had digital assets worth $184 million, a portion of 1.5 billion dollars Bitcoin value you first bought in March 2021.
The latest quarterly results mean that he has not bought or sold any Bitcoin since selling around 75% of his holdings in the second quarter of 2022, when he made $936 million for more than 30,000 BTC.
On the other hand, Tesla reported that it had "more than doubled" its computing power for its AI projectsciting a growing training data set and changing the training of its humanoid robot Optimus to AI instead of hard-coded software.
"We have commissioned one of the world's largest supercomputers to accelerate the pace of our AI development, with processing capacity more than doubling compared to the second quarter."
Tesla saw its third-quarter earnings and profits miss Wall Street estimates, with total revenue reported at $23.35 billion. While this was up nearly 9% from the prior-year period, it fell short of Zacks Investment Research's forecast. estimate of 24.38 billion dollars.
It also missed projected earnings, with reported earnings per share (EPS) of $0.66 compared to Zack's EPS estimate of $0.72.
Total operating expenses for the third quarter were $2.41 billion, up more than 13% from the previous quarter and more than 42.5% from the prior year.
Related: Bitcoin's clean energy usage is reportedly over 50%. Will Tesla start accepting payments in BTC?
Tesla's research and development expenses were $1.16 billion in the quarter, an increase of 58% from last year. It attributed the increases to its โCybertruck, AI and other R&D projects.โ
Tesla shares fell nearly 4.8% on the day, closing at $242.68 and fell another 4.25% in after-hours trading to $232.37 according to Google Finance. data.
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