Electric car maker Tesla Inc. (NASDAQ: TSLA) reported a surprise profit for the second quarter of 2020 despite operations getting disrupted due to the COVID-19 outbreak in recent months, which resulted in a 5% decline in revenues. The company’s stock gained 7% on Wednesday evening following the announcement.
The Silicon Valley tech firm reported adjusted earnings of $2.18 per share for the June-quarter, compared to a loss of $1.12 per share last year. On an unadjusted basis, net income was $104 million or $0.50 per share, compared to a loss of $408 million or $2.31 per share in the second quarter of 2019. Analysts were expecting the company to post a loss for the recent quarter.
Revenues, meanwhile, dropped 5% annually to $6.04 billion but exceeded the forecast. Tesla’s stock closed Wednesday’s regular trading higher and continued to gain during the extended session.
Aurora Cannabis, Inc. (NYSE: ACB) reported a wider loss for the fourth quarter of 2020, hurt by a 5% decrease in revenues. The company’s stock fell sharply during Tuesday’s after-hours
Stitch Fix (NASDAQ: SFIX) reported fourth-quarter 2020 financial results after the closing bell on Tuesday. The company reported an 11% increase in Q4 revenues to $443.4 million, beating Wall Street
Nike Inc.'s (NYSE: NKE) profit and revenue in the first quarter of fiscal 2021 surpassed the market's estimates and sent the NKE stock up by about 7% in the extended