Tesla Inc. (NASDAQ: TSLA) turned to profit in the first quarter of 2020 aided by strong revenue growth, continuing the positive trend seen in the trailing two quarters. The results also came in above the market’s prediction.
The Silicon Valley electric car maker reported adjusted earnings of $1.24 per share for the March quarter, compared to a loss of $2.9 per share last year. On an unadjusted basis, net income was $16 million or $0.09 per share, compared to a loss of $702 million or $4.10 per share in the first quarter of 2019.
Revenues increased 32% annually to $5.99 billion. The top-line also exceeded the forecast. Tesla’s stock closed Wednesday’s regular trading higher and continued to gain during the extended session. It has moved up 86% since the beginning of the year.
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