Tesla shares jump 12% on profit beat

Tesla reported third-quarter earnings Wednesday that topped analysts’ estimates even as revenue came in just shy of expectations. The stock popped 12% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: 72 cents, adjusted vs. 58 cents expectedTesla reported third-quarter earnings Wednesday that topped analysts’ estimates even as revenue came in just shy of expectations. The stock popped 12% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 72 cents, adjusted vs. 58 cents expected
• Revenue: $25.18 billion vs. $25.37 billion expected
• Revenue increased 8% in the quarter from $23.35 billion a year earlier. Net income rose to about $2.17 billion, or 62 cents a share, from $1.85 billion, or 53 cents a share, a year ago.

Profit margins were bolstered by $739 million in automotive regulatory credit revenue during the quarter. Automakers are required to obtain a certain amount of regulatory credits each year. If they can’t meet the target, they can purchase credits from companies such as Tesla, which has excess credits because it makes only electric vehicles.

CNBC