Tesla shares jumped more than 10 percent in after-hours trading today after the controversial electric-car company posted a surprisingly positive quarterly report, including a profit rather than a loss.
Adjusted net income for the third quarter amounted to $312 million, which translated into earnings of $2.90 a share. Analysts had expected a loss of around 19 cents per share.
Total revenue hit $6.8 billion, exceeding expectations of $6.3 billion. And Tesla’s cash on hand increased by $731 million, even though Tesla repaid $82.5 million in bonds during the quarter.
That cash position could take some of the pressure off Tesla, which had been burning through its reserves by the billions during what CEO Elon Musk called “production hell” for the company’s Model 3 electric car.