Tesla shrugged off coronavirus-related problems and posted a profitable first quarter
The electric car maker earned net income of $16 million, while income excluding special items, such as stock based compensation, came in at $227 million. The company lost money on both those measures in the year-earlier quarters.Analysts surveyed by Refinitiv had forecast the company would post a narrow loss due to the shutdowns of its factories in California and Shanghai at times during the quarter and a drop in completed vehicle sales compared to the fourth quarter of last year.
"The profit marked the first time in the company's history that it posted positive net income in three consecutive quarters. In fact, through the middle of 2018, the company had only posted two profitable quarters in its entire history.But this marks the fifth profitable quarter out of the last seven, and it suggests that the upstart electric car maker has turned a corner on its profitability. Last year was the first year it achieved an annual profit when excluding special items.
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