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Tesla Reports Profit for Quarter, Sending Shares Soaring


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Tesla Reports Profit for Quarter, Sending Shares Soaring

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Tesla surprised Wall Street on Wednesday by reporting $143 million in net income in the third quarter as cost reductions more than offset a slight decline in revenue.

The electric-car maker said it had earnings of $1.86 per share on an adjusted basis. Revenue was $6.3 billion in the quarter.

Analysts had expected a loss of 46 cents per share and revenue of $6.4 billion, according to FactSet.

“Investors will love the results,” said Erik Gordon, a business professor at the University of Michigan who follows the auto industry.

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