Tesla's Earnings Reach Record-Breaking High of Over $1 Billion

Tesla's second quarter earnings revealed a record-breaking net income of $1.1 billion.

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For comparison, in Q1, Tesla made $438 million.

The Q2 earnings, reported Monday, showed that net income for the tech company more than doubled, proving critics who've claimed Tesla makes very little money actually selling cars wrong.

The sale of regulatory credits to other automobile makers was responsible for only $354 million of the quarter's revenue.

Related: Where Does Tesla (NASDAQ: TSLA) Go From Here?

Tesla's adjusted income was forecasted to be around $1.1 billion, but actually hit $1.6 billion in Q2. Revenue was forecasted at $11.3 billion but hit $12 billion instead.

CEO Elon Musk discussed the earnings Monday, but noted that the computer chip shortage affecting automakers and manufacturers is hitting Tesla, too.

"While we're making cars at full speed, the global chip shortage situation remains quite serious," the billionaire said, adding, "For the rest of this year, our growth rates will be determined by the slowest part in our supply chain."

Tesla also reported a $23 million loss related to its use of cash on hand to purchase $1.5 billion in bitcoin last February and its sale of some of the holdings in April.

The losses were forecasted to be around $75 million, but Tesla's Monday report proved them wrong, too.

Related: Tesla's electric truck production line is about to start