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.
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.
