Tesla just turned a profit for the first time since 2016

Elon Musk.
(Image credit: Mario Tama/Getty Images)

Elon Musk recently promised that Tesla will be profitable "every quarter, from here on out." So far, he's not wrong.

The electric car company turned a $312 million profit in 2018's third quarter, it revealed in an earnings report Wednesday. Tesla has previously only profited in two other quarters, and this rare move drove shares up 10 percent on Wednesday afternoon, reports The Washington Post.

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Kathryn Krawczyk

Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.