Tesla shares surge after surprise profit
(New York) CNN Money — Elon Musk's hot streak continues.
Musk's Tesla Motors reported a surprise second-quarter profit on Wednesday, blowing past estimates on sales and revenue. The electric car maker reported earnings of 20 cents a share after analysts predicted a loss of 17 cents a share, sending shares surging 9% in after-hours trading.
The company attributed its strong performance to a record in deliveries of its Model S plug-in sedan along with improved margins.
Tesla is still expanding aggressively and said turning a profit at this point is "not our primary mission." Net income nonetheless increased 70% versus the previous quarter, with 5,150 Model S vehicles delivered to customers.