Electric car maker Tesla Inc. (NASDAQ: TSLA) on Wednesday reported strong third-quarter earnings that more than doubled from last year and topped expectations. Driving the bottom-line growth, revenues grew 57% and came in above analysts’ forecast.
At $13.76 billion, third-quarter revenues were up 57% year-over-year and above the estimates. The company produced a total of 237,823 vehicles and delivered a record 241, 391 units during the three-month period, mainly comprising the Model-3 and Model-Y variants.
Net income, adjusted for special items, advanced to $1.86 per share in the third quarter from $0.76 per share a year earlier. Experts were looking for slower growth. Unadjusted net income moved up to $1.62 billion or $1.44 per share from $331 million or $0.27 per share in the third quarter of 2020.
Read management/analysts’ comments on Tesla’s Q3 report
Currently, TSLA is one of the fastest-growing Wall Street stocks, with the value more than doubling in the past twelve months. The stock closed Wednesday’s regular trading higher but declined during the extended session soon after the earnings release.