Tesla beats Wall Street expectations as China, bitcoin boost revenue

Electric carmaker Tesla Inc marginally beat Wall Street expectations for first-quarter revenue on Monday boosted by a jump in environmental credit sales to other automakers and robust demand from China.

Sales of regulatory permits were higher than quarterly profit, in line with the trend of several quarters, and net profit was dented by a $299 million award to Chief Executive Elon Musk. Tesla’s quarterly performance hit targets qualifying the billionaire entrepreneur for two options payouts worth a combined $11 billion.

“Higher regulatory credits, lower taxes, and bitcoin sales buoyed financial results. Back these out, and it was a large miss,” Roth Capital Partners analyst Craig Irwin said.