Tesla notches another record quarter, but warns supply chain chaos will last until next year

Shares of Tesla stock jumped more than 4% in late trading Wednesday following the first-quarter results.

• Tesla reported earnings for the first quarter of 2022 on Wednesday. 
• The automaker beat Wall Street estimates for both revenue and earnings. 
• Investors are eager for updates on a factory shutdown in Shanghai and battery-cell development. 

Tesla reported blockbuster earnings for the first quarter of 2022 on Wednesday, far exceeding Wall Street's expectations. 

Here are the important numbers:

• Revenue: $18.76 billion, compared to an expected $17.92 billion, according to analysts surveyed by Bloomberg. 
• Earnings: $3.22 (adjusted) per share, compared to an expected $2.27 per share

Tesla's revenue is up 81% year-over-year, while earnings per share increased more than doubled. Shares of the company rose as much as 4% in late trading after the announcement. 

Analysts had high expectations for the quarter, which Tesla closed with a yet another record number of vehicles delivered to customers. 

Like automakers across the globe, Tesla has weathered severe parts shortages, inflation, supply-chain disruptions, and factory shutdowns throughout the pandemic. But the company has largely managed to rise above the chaos and continue accelerating vehicle production to meet strong demand.

Tesla said it expects the difficulties to drag on at least through the end of this year. "Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022," the company said in its earnings report. 

Despite rising materials costs, Tesla's automotive margins rose to 32.9%, a new high. Tesla said it has increased prices to account for inflationary pressures, while looking for cost savings in its manufacturing process.

Sales of regulatory credits to other automakers, historically a key driver of Tesla's profits, rose to a record $679 million. Tesla sells the credits to automakers who can't make enough low- or zero-emission vehicles to satisfy environmental regulations. For Tesla, sales of the credits are pure profit. 

CEO Elon Musk said last year that he wouldn't appear on any more earnings calls, but that didn't last long. Musk confirmed on Twitter that he will be on Wednesday afternoon's call, which should keep things interesting.

Investors will be on the lookout for Musk and other executives to give updates on how a COVID-19 lockdown in Shanghai is impacting Tesla's factory there. Tesla may also discuss the progress of its next-generation, in-house battery cells and how production is going at new factories in Berlin and Austin, Texas.