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.
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