(CNN) — Tesla has posted record profits once again, overcoming supply chain issues that have dogged the broader auto industry to blow away Wall Street’s forecast for the company for the first quarter of 2022. A recent Covid outbreak and lockdown rules in China forced it to temporarily shut its factory in Shanghai earlier this month. “Recent Covid-19 outbreaks have been weighing on our supply chain and factory operations,” Tesla said. Revenue of $18.8 billion also easily topped forecasts, rising 6% from the fourth quarter sales and 81% from the year ago total. Shares of Tesla jumped 4% in after-hours trading immediately following the report.

Source: CNN April 20, 2022 21:03 UTC