Tesla (NASDAQ:TSLA) reported its latest quarterly earnings results late in the day Wednesday, posting strong revenue figures which sent the company’s stock soaring after the bell on hump day.
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The electric car maker said that for its second quarter of fiscal 2018, it brought in revenue of $4 billion, which is better than the $2.77 billion it raked in during the year-ago quarter, while also beating the $3.96 billion that analysts were calling for, according to a survey conducted by Thomson Reuters. However, the company underwhelmed in the earnings front as it brought in adjusted losses of $520 million, or $3.06 per share.
This figure was wider than the $2.92 per share that analysts polled by Thomson Reuters were projecting Tesla to earn. In the year-ago quarter, the electric vehicle manufacturer brought in a narrower adjusted loss of $220 million, or $1.33 per share.
The company said that for its second quarter, it produced 53,339 vehicles, while also delivering 22,319 Model S and Model X cars, as well as 18,449 Model 3 vehicles, which added up to 40,768 deliveries overall. Tesla added in a letter to shareholders that it plans on producing 6,000 Model 3 sedans a wake by late August, while also saying it will produce 50,000 to 55,000 sedans during its third quarter.
The car manufacturer added that Model 3 gross margins are slated to surge to 15% in the third quarter and 20% in the fourth quarter.
TSLA stock was up about 0.9% during regular trading hours on Wednesday in anticipation of the company’s quarterly earnings results. Shares were surging about 5.6% after the bell on its positive results.