Tesla shares surge after surprise profit

CNN
Thursday, August 8, 2013 - 6:00am

  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.
 

News

Comments News Comments

Post new Comment