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Tesla Reports First Quarterly Profit for Three Years
Electric car maker Tesla has reported net income of $21.9m (£17.9m) for the third quarter after 13 consecutive quarterly losses.
This compared with a loss of $230m a year earlier.
Record deliveries helped to offset rising expenses for next year's roll-out of the company's mass-market Model 3 saloon (sedan) car.
Tesla [PDF] delivered a record 24,821 cars during the quarter, more than 300 more than estimated.
Shares in the electric car maker jumped 3.76% in after-hours trading.
"The Tesla third quarter results reflect strong company-wide execution in many areas," said chief executive Elon Musk and chief financial officer Jason Wheeler in a statement [PDF].
A sign of things to come for Tesla's bottom line, or a blip before the big boys catch up?
Tesla Surprises Wall Street, Posts a Profit for Q3
Forbes is reporting that Tesla reported a profit for the third quarter yesterday. Wall Street expected Tesla to post another loss:
http://www.forbes.com/sites/kenkam/2016/10/27/elon-musk-surprises-wall-street-with-tesla-profits/#732fb8517cec (Javascript required.)
I, for one, am happy to see this. Not just because I have reserved a model 3, but because I am very much in favor of Tesla's mission, and hope very much that they succeed.
(Score: 0) by Anonymous Coward on Friday October 28 2016, @03:56PM
Even AMD can post a quarterly profit once in a while.
(Score: 0) by Anonymous Coward on Friday October 28 2016, @05:39PM
This. Methinks that a Tesla quarterly profit at this time is "interesting". Tesla stock fell on the announcement of the merger with Solar City some weeks back...
(Score: 2) by Unixnut on Friday October 28 2016, @05:52PM
Didn't Tesla just change their reporting methods.... ah wait here it is:
"Tesla Earnings Smash Expectations After Dramatic Change In Reporting Methodology" http://www.zerohedge.com/news/2016-10-26/tesla-earnings-smash-expectations-after-dramatic-change-reporting-methodology. [zerohedge.com]
Seems to me nothing has changed at Tesla, except the way they fiddle their books. I suspect their accountants and lawyers are the best paid in the company.
(Score: 5, Informative) by DeathMonkey on Friday October 28 2016, @06:17PM
Actually, it's the opposite way around. The SEC complained that they were using too many non-Generally Accepted Accounting Principle cost exclusions in their reporting. Meaning, they weren't counting certain costs when comparing it to income to determine profit.
Try a less motivated source. [bloomberg.com]