Tesla Motors Inc. reported a surprise profit, its first in eight quarters, just weeks after Chief Executive Officer Elon Musk urged employees to cut costs and deliver every vehicle they could to boost results and prove Wall Street skeptics wrong.
Illustrating how impressive Tesla's performance was this past quarter, Wall St. was anticipating Tesla to post a loss amid $1.9 billion in revenue for the quarter.
During the third-quarter, Tesla reported deliveries of 24,821 vehicles, over 300 more than the company estimated earlier this month. Tesla's GAAP net income was $22 million, which yielded $0.14 Earnings per Share (EPS).
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Much optimism surrounds Tesla considering the profitable third quarter and CEO Elon Musk seemed confident the company can repeat this feat in fourth quarter excluding stock compensation charges and possibly be profitable on a GAAP basis. He said that Tesla could raise capital to use as a buffer, for example.
The former General Motors (GM) vice chairman took Tesla to task in a CNBC interview Wednesday. Revenue jumped 145.3% from Q315 to $2.30 billion, above views for $1.9 billion. "Certainly what drove the upside on profit is the $139 million of those zero emission credits which is a near 100 percent profit business", said Osborne.
Tesla said it had $3.08 billion in cash and cash-equivalents as of September 30, compared with $3.25 billion at the end of the second quarter.
For Musk, this quarter's results are about more than bragging rights. Immediately following the announcement, the company's shares rose almost 5 percent to $212.in after-hours trading.
In a letter to shareholders Musk and Tesla CFO Jason Wheeler stated, "Gigafactory construction and Model 3 development both remain on plan to support volume Model 3 production and deliveries in the second half of 2017". The automaker also posted $176 million of positive free cash flow.
Tesla will have to beat the pace of those third-quarter deliveries if it wants to make its guidance for the full year. That deal has drawn criticism as a potential distraction as Tesla spends heavily to prepare its California factory for the high-volume Model 3 auto and build out its Gigafactory battery plant in Nevada.
With Jamaal Charles still working his way back from his torn ACL in 2015, Kansas City's depth at running back is being tested. While Luck went down twice, as he has in every game this season, the franchise quarterback took only seven hits.
Even though the new vote is expected to be approved by a large majority, it may still allow countries to revisit their vote. The UN body also on Tuesday adopted a separate, less controversial resolution on schools in Palestinian territories.
The 25-member commission which reached the proposal includes the United States, China, Russia and the European Union. Scientists believe that the marine park can be a platform for a deeper understanding of climate change impacts.
Kicker Wil Litz added his fourth goal of the game, a 41-yarder with 1:57 to play, to provide the final margin. The New Orleans Saints rallied to defeat the Seattle Seahawks 25-20 Sunday at the Mercedes-Benz Superdome.
Hillary Clinton backed out of a 2015 foundation event in Morocco, for example, after that country's king pledged $12 million. Hillary Clinton has said job one after she and her husband left the White House in 1997 was making money.
Iran has been providing military advisory assistance to the Syrian government in its campaign against terrorism. Since March 2011, Syria has been hit by militancy it blames on some Western states and their regional allies.
The centre Regeneration Party, which could be the kingmakers in the election, garnered seven seats in the Icelandic parliament. REYKJAVIK , Iceland (AP) - There was no Pirate takeover, but the upstart party managed to make waves in Iceland.
Mesches and Jolene then entered a loving embrace as the two fell to the floor while Jolene happily jumped about the room. You can see what appears to be pure shock and joy as she sees the living, breathing, giant version of her favorite toy.
The original August 24 6.2-magnitude quake was still 41 percent stronger than even the second aftershock. It also shook the central Italian city of L'Aquila, which was struck by a deadly quake in 2009.
Iraq's Shiite militias join Mosul push; bombs rock Baghdad
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Trump, Clinton in the Home Stretch
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Trump hits 'corrupt' Hillary Clinton; Mrs. Obama hugs her
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Notre Dame game won't be Catholics vs. Convicts
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Syria: Turkish forces to move on Manbij, Raqqa
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Mike Pence, Tim Kaine set to campaign in 5 NC cities
Bush, he said, "in effect, I'm being asked to waive centuries of legal precedent created to protect voters". Bernie Sander visited UNM to encourage support for Democratic presidential hopeful Hillary Clinton.