On Wednesday, Tesla revealed its highest quarterly revenue ever.

The automotive and clean energy company's overall revenue increased 47% to $24.93 billion.

Its net income for the quarter was reported as $2.7 billion.

Net income up 20% over the prior year.

91 cents per share were adjusted, which was higher than analysts had predicted.

Elon Musk, the company's CEO, stated, "We continue to target 1.8 million vehicle deliveries this year."

Tesla's automotive division had a 46% increase in revenue to $21.27 billion.

Tesla's shares fell by more than 4% in the hours following the release of its earnings report