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.
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.
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