Tesla stock (NASDAQ:TSLA) is soaring late in the day Wednesday as the company unveiled its latest quarterly earnings results after hours, which were stronger than what analysts were calling for in both the electric car maker’s revenue and earnings results.
The company said that for its third quarter of fiscal 2018, it brought in adjusted earnings of $2.90 per share, which is much stronger than the loss of 19 cents per share that analysts were calling for, according to data compiled by Refinitiv. All in all, the company brought in earnings of $516 million for the period.
Tesla added that its revenue for the period came in at around $6.82 billion, which is stronger than the $6.33 billion in sales that analysts polled by Refinitiv were calling for. This marks the company’s first earnings report since the electric car maker and its CEO Elon Musk agreed to shell out a combined $40 million to settle civil fraud charges with the Securities and Exchange Commission linked to his Aug. 7 tweets regarding taking the company private at $420 a share.
This will also mark Musk’s last report as chairman for at least three years, with the agency allowing him to stay on as CEO. However, the Tesla boss has 45 days to resign his role running the board as part of the settlement.
TSLA stock is up about 8.5% after the bell following the company’s strong quarterly earnings showing on Wednesday. Shares had been falling about 1.9% after the bell for the company in anticipation of its latest results.
