Tesla’s Adjusted Earnings Got 12% Bump From Omitting Crypto Loss

Tesla Inc. reported its worst quarter in years, but the unofficial measure it touted to Wall Street got a little help: a slight boost from backing out the dip in the value of its crypto holdings.

The move bumped its so-called non-GAAP earnings by about 12%. Coupled with stripping out the much bigger cost of stock compensation, the electric vehicle maker reported adjusted earnings more than double its official net income — to about $900 million from about $400 million.

The US Securities and Exchange Commission reviews company supplemental earnings to ensure they aren’t overly rosy, and it has ...