By Claudia Assis
Tesla Inc. on Wednesday reported quarterly earnings that beat Wall Street expectations, sending the stock higher in the extended session.
Tesla (TSLA) said it earned $331 million, or 27 cents a share, in the quarter, compared with 16 cents a share in the year-ago period.
Adjusted for one-time items, the company earned 76 cents a share, compared with 37 cents a share a year ago.
That was Tesla's fifth consecutive GAAP and adjusted quarterly profit.
Sales rose to $8.77 billion from $6.30 billion a year ago.
Analysts polled by FactSet expected adjusted earnings of 56 cents a share on sales of $8.28 billion.
Tesla is hosting a conference call with analysts and others at 5:30 p.m. Eastern.
Analysts will be looking for comments around Model 3 demand, especially in China, and around the company's goal of selling about 500,000 vehicles in 2020. Many analysts remain skeptical of that threshold.
Tesla said earlier this month it delivered 139,300 vehicles, above Wall Street expectations, in its third quarter.
Tesla Chief Executive Elon Musk last week announced on Twitter a price cut for the Model S base model ($69,420 from $71,990.
At its September "battery day," () the company announced a new top-of-the-line version of the Model S, to be available next year, as well as a yet-to-be-named vehicle under $25,000.
Tesla shares have gained around 408% this year, compared with gains around 7% for the S&P 500 index .
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 21, 2020 16:17 ET (20:17 GMT)
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