Deals
Tesla Posts Surprise Profit Ahead of SolarCity Vote
- CEO tightens spending ahead of Model 3, SolarCity; shares rise
- Automaker keeps 50,000 forecast for second-half shipments
Tesla Posts Profit While Maintaining Deliveries Outlook
This article is for subscribers only.
Tesla Motors Inc. surprised investors with its first profit in eight quarters after Chief Executive Officer Elon Musk urged employees to cut costs and deliver every car they could to boost results and prove Wall Street skeptics wrong.
The electric-car maker’s shares rose about 4 percent in late trading after it posted third-quarter profit excluding some items of 71 cents a share, instead of the average 54-cent loss projected in a survey of seven analysts. Forecasters had hustled in recent days to adapt their models as Tesla hewed closer to GAAP reporting methods.