Tesla (NASDAQ: TSLA) reported Q1 EPS of $3.22, $0.96 better than the analyst estimate of $2.26. Revenue for the quarter came in at $18.8 billion versus the consensus estimate of $17.8 billion.

Tesla said challenges around the supply chain have remained persistent, and their team has been navigating through them for over a year. In addition to chip shortages, recent COVID-19 outbreaks have been weighing on their supply chain and factory operations. Furthermore, prices of some raw materials have increased multiple-fold in recent months. The inflationary impact on the cost structure has contributed to adjustments in product pricing, despite a continued focus on reducing manufacturing costs where possible.

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