Tesla Shares Jump 6% On Surprise Profit, Revenue Beat

By Markets MarketWatch Pulse

Tesla Motors Inc. shares rose 6% late Wednesday after the electric-car maker reported a surprise quarterly profit and posted revenue above Wall Street expectations. Tesla said it earned $22 million, or 14 cents a share, in the third quarter, versus a loss of $1.78 a share in the third quarter of 2015. Adjusted for one-time items, Tesla earned $111 million, or 71 cents a share, in the quarter, versus a loss of $1.35 a share a year ago. The company's revenue rose to $2.3 billion, compared with $937 million a year ago. Analysts polled by FactSet had expected the Silicon Valley car maker to report a loss of 22 cents in the quarter on sales of $2.2 billion. Tesla also kept its forecast to deliver 50,000 vehicles in the second half of the year, saying it will deliver just over 25,000 vehicles in the fourth quarter. Shares had ended the regular session down 0.1%.

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