This Monday, Oct. 24, 2016, photo shows a Tesla Model S on display in downtown Los Angeles. Tesla Motors reports financial results Wednesday, Oct. 26, 2016. (AP Photo/Richard Vogel)

This Monday, Oct. 24, 2016, photo shows a Tesla Model S on display in downtown Los Angeles. Tesla Motors reports financial results Wednesday, Oct. 26, 2016. (AP Photo/Richard Vogel) (The Associated Press)

Tesla surprises with 3Q profit

Markets Associated Press

Electric car maker Tesla Motors has posted its first quarterly profit in three years.

Continue Reading Below

Tesla reported net income of $22 million, or 14 cents per share, in the third quarter, up from a loss of $229 million in the July-September period a year ago.

Revenue more than doubled to $2.3 billion.

Tesla last made a profit in the first quarter of 2013.

The results surprised Wall Street, which forecast a loss of 86 cents, according to analysts polled by FactSet. Analysts had expected revenue of $2.2 billion.

Tesla delivered 24,821 vehicles during the quarter, an increase of 72 percent over the same period last year. The Palo Alto, California-based company said Wednesday it still expects to deliver just under 80,000 vehicles worldwide this year, up from 50,500 in 2015.