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Tesla (TSLA) stock gains after Q3 results beat Street view
Electric car maker Tesla Inc. (NASDAQ: TSLA) reported stronger-than-expected earnings and revenues for the third quarter of 2020 despite the disruption caused by coronavirus. The company’s stock gained 10% on Wednesday evening soon after the announcement.
The Silicon Valley tech firm reported adjusted earnings of $0.76 per share for the September-quarter, compared to $0.37 per share last year. On an unadjusted basis, net income was $331 million or $0.27 per share, up from $143 million or $0.16 per share recorded in the third quarter of 2019. Analysts were expecting a lower bottom-line number for the most recent quarter.
Read management/analysts’ comments on Tesla’s Q3 2020 results
Driving the earnings growth, revenues jumped 39% annually to $8.77 billion and exceeded the forecast. Tesla’s stock closed Wednesday’s regular trading higher and continued to gain during the extended session.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
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