Electric car maker Tesla Inc. (NASDAQ: TSLA) reported first-quarter revenue and earnings that increased sharply and topped expectations.
At $0.93 per share, first-quarter adjusted net income was sharply higher than $0.23 per share reported in the prior-year period. It was also above analysts’ forecast.
Reported net income, including special items, moved up to $438 million or $0.39 per share from $16 million or $0.02 per share in the first quarter of 2020. The impressive performance reflects a 74% growth in revenues to $10.4 billion. Analysts were looking for a slightly smaller top-line number.
Earlier this month, the California-based company said it produced 180,338 vehicles in the first quarter, comprising Model 3 sedans and mid-size SUV Model Y. Deliveries totaled 184,877 during that period.
After making an impressive start to the year, Tesla’s stock withdrew and entered a volatile phase. The stock closed Monday’s regular trading higher but declined during the extended session, soon after the earnings release.
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