Tesla seems to have shaken off many of its troubles, and detailed a suddenly robust position when it reported $143 million in net income in the third quarter, defying analysts' expectations of a loss
Just months ago, Tesla was mired in turmoil. It was scrambling to raise capital, closing stores and reeling from a sudden slump in sales.
But it seems to have shaken off many of its troubles by cutting costs, lifting deliveries to record levels and dipping into a pool of money it had been required to set aside.
The electric-car maker’s suddenly robust position was detailed Wednesday when it reported $143 million in net income in the third quarter, defying analysts’ expectations of a loss.
Tesla said it had earnings of $1.86 per share on an adjusted basis. Revenue was $6.3 billion in the quarter.
Analysts had expected a loss of 46 cents per share and revenue of $6.4 billion, according to FactSet.
“Investors will love the results,” said Erik Gordon, a business professor at the University of Michigan who follows the auto industry.
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