Tesla posted a surprise third quarter profit on Wednesday, sending shares surging by more as much as 12% in late trading.
Wall Street analysts polled by Bloomberg expect Elon Musk’s electric car company to remain unprofitable, a state it slipped back into earlier this year after two quarters of sustained profit.
Here are the key figures:
- Earnings: $1.91 per share versus estimates of $-0.24 per share
- Revenue: $6.3 billion versus estimates of 6.45 billion
- Gross Margin: 18.9% versus estimates of 17.7%
The company now says it expects “positive quarterly free cash flow going forward, with possible temporary exceptions,” after it sank back to unprofitability earlier this year.
“We continue to believe our business has grown to the point of being selffunding,” Tesla said.