Tesla shares rise as it extends profit run for fourth straight quarter
Tesla reported a profit of 50 cents a share on a GAAP basis Wednesday, beating analysts’ consensus estimate for a loss of US$1.06 a share. Revenue was at US$6.04 billion, topping analysts’ expectations for US$5.4 billion.
A 12-month period of profitability meets criteria that Standard & Poor’s index committee uses when deciding whether to add stocks to the S&P 500. Adding Tesla to the benchmark likely would force money managers who track the index to buy the stock.Article content continuedA year ago, Tesla was trading around US$260 a share.
Tesla cautioned that achieving its goal of delivering 500,000 vehicles this year has become more difficult. In January, it said it expected to “comfortably exceed” that level of deliveries for the year. The carmaker handed over 90,650 vehicles in the second quarter, up from 88,400 in the first three months of the year despite a lengthy shut down at its factory in Fremont, California.
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