Tesla shares spike after it beats on revenue and maintains its outlook for car deliveries
The company reporteda profit of $111 million, or $0.71 on an adjusted per share basis. That's its first quarterly profit since early 2013.
Analysts polled by Bloomberg had expected a loss of $0.54, though that estimate may not be comparable, because the company has changed the way it accounts for some adjustments to its earnings.
Tesla said it expects to remain profitable in the final quarter of the year.
The shares rose as much as 7% after the results, which cap off a period during which the company struck a multi-billion takeover and reported a substantial ramp-up in deliveries. Investors are focusing on Tesla's cash-burn and potential need for additional funds, as it expands production and absorbs solar-power company SolarCity, which it agreed to buy in August.
Tesla said it delivered 24,821, vehicles in the third quarter (300 more than it initially reported), and maintained its second-half estimate of 50,000 deliveries, at the low end of its full-year guidance of 80-90,000.
SolarCity also rose after Tesla's report.Markets Insider