Tesla shares skyrocket as profit crushes expectations
Tesla shares surged by nearly 21 percent in after hours trading on Wednesday after the electric-car maker reported quarterly earnings that smashed expectations, CNBC reports. Tesla said it made a profit of $1.86 per share, far beyond the 42 cents per share analysts had expected.
The company reported record deliveries in the quarter, along with significant cost cuts. Last quarter the company lost $1.12 per share. The company also said its Model Y crossover was ahead of schedule and should be launched by next summer. Tesla also said it planned a limited run of its Tesla Semi next year, Reuters reports.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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