Earnings, for the fifth consecutive quarter, were recorded by electric vehicle and renewable energy company Tesla, surpassing Wall Street estimates. Its stock is up 1.08% in online trading.
Defying the global upset caused by coronavirus, Elon Musk’s company posted earnings of $331 million, or 27 cents per share, in the quarter ended September 30, compared with 16 cents per share in the corresponding period last year.
It was the fifth consecutive quarter that Tesla is showing profits and remains on track to close its first profitable year after many years of losses. The automaker’s adjusted one-time earnings were 76 cents per share, up from 37 cents. Its sales rose to $8.77 billion from $6.30 billion a year ago.
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Analysts polled by FactSet Research put earnings at 56 cents per share and sales at $8.28 billion. The administration has reinstated its pre-pandemic goal of building at least 500,000 vehicles this year. Elon Musk’s company also said construction work on its Giga Berlin plant in Germany is continuing at a rapid pace and this will begin operations in 2021.