Tesla shares charge up 12% after third-quarter profits announcement

Tesla Inc logo

The company on Wednesday posted a profit and positive cash flow, making good on pledges made by Musk earlier this year, as the company ramps up volume of its new sedan.

The result is a victory for chief executive Elon Musk, who had promised a profit to investors earlier this year.

Revenue doubled to $6.1 billion (£4.7 billion), from the second quarter to the third - that increase was nearly three times the company's revenue in Q3 previous year.

Tesla stock prices started an upward swing Tuesday, gaining 13 percent. Then the founder of the company Elon Musk said that the company is able to produce up to 5 thousand cars per week. "I am incredibly excited about what lies ahead".

Analysts react to Tesla Inc (TSLA)'s cash generation and stronger margin performance for the third quarter.

Musk later abandoned his plan and the Securities and Exchange Commission subsequently filed a lawsuit alleging that he had misled investors because he was never close to lining up the estimated $25 billion to $50 billion that it would have taken to pull of the deal he envisioned. He remains CEO but is stepping down as chairman of the board and bringing on two new board members.

The quarterly profit and higher cash generation advised Musk that Tesla can establish sustainable profits, without needing to constantly raise additional funds to pay towards debt and fund capital expansion.

"Tesla has a lot of upside", Ellison said, according to Bloomberg. Musk was a bit reserved during the conference call, and his usual boasting style was absent most of the time.

Saudi Arabia Says Khashoggi Killed in "Fistfight" Amid Mounting U.S. Pressure
He was visiting the Saudi consulate in Istanbul at the beginning of October for documents needed for his upcoming marriage. Some Turkish employees reportedly said they were instructed not to go to work around the time that Khashoggi disappeared.

Over time, economies of scale will make battery-pack assemblies even cheaper and improve Tesla's profitability, Kallo predicted.

The DOJ's focus on Model 3 production had not previously been reported.

According to earlier reports, Tesla is building the Model Y at its own dedicated plant.

Tesla reported profit of $311.5 million, or $1.75 per share, for the third quarter ended September 30, compared with a loss of $619.4 million, or $3.70 per share, a year earlier.

"In fact, we delivered more cars in this quarter than we did in all of 2016, in a single quarter", continued Musk. One of those instances looms during next year's January-March period. As for cash flow, Tesla came out smelling like a rose.

Tesla is also hard at work on a computer chip that will dramatically increase self-driving capabilities in its cars. It might seem odd to describe a company with a $50 billion valuation as a startup.

"The story has become too compelling to ignore", Andrew Left of Citron research wrote on Friday. Strong demand for pricier all-wheel-drive and high-performance versions of the Model 3, plus Tesla's plan to start selling the auto in Europe early next year, should support profit margins, he wrote in an email. "We can't thank you enough for your support".

Related news:

Hot News

isis-killer-beheading-video-story-top Obama, Clintons sent 'explosive devices' through the mail
Oct 27, 2018 - 00:44
In addition, the building that is home to CNN in NY was evacuated Wednesday after officials reported a similar package. The device was similar to the one found Monday at the home of billionaire philanthropist George Soros .

isis-killer-beheading-video-story-top Jordan: Flash flood sweeps away school bus, killing at least 18
Oct 27, 2018 - 00:41
Flash floods in Jordan swept away a school bus Thursday, killing at least 18 people, mostly pupils, emergency services said . Israel sent search-and-rescue helicopters to help, an Israeli military statement said.

isis-killer-beheading-video-story-top India vs West Indies 2nd ODI scorecard
Oct 27, 2018 - 00:20
After losing the successful openers, the responsibility of run-scoring fell on the shoulders of Virat Kohli and the middle order. Umesh Yadav has been expensive as well while Khaeel Ahmed was left out of the second match as Kuldeep Yadav returned.

isis-killer-beheading-video-story-top Researchers Discover Microplastics in 100 Percent of People Studied
Oct 26, 2018 - 01:08
Everywhere scientists have looked for them they have found tiny bits of degraded plastic-including, now, in human poop. In the first study of its kind, researchers say they have found evidence of tiny plastic particles in the human gut.

isis-killer-beheading-video-story-top Trump Adviser Tells Putin: We'll Quit Arms Control Treaty You're Breaking
Oct 26, 2018 - 00:59
He also called the meddling "a major obstacle" to achieving agreement on issues where the two countries have a shared interest. An end to the INF Treaty could see the U.S. deploying weapons to its allies in Asia to contain Chinese influence .

isis-killer-beheading-video-story-top Turkish police raid villa in western Turkey as part of Khashoggi probe
Oct 25, 2018 - 05:46
With the crown prince's standing marred, his ability to draw needed investment to the kingdom could be affected. At one summit session, Saudi Energy Minister Khalid Al-Falih described Khashoggi's slaying as "abhorrent".

isis-killer-beheading-video-story-top I’m happy at Manchester United, Jose Mourinho dismisses Real Madrid reports
Oct 24, 2018 - 01:37
In the end, we should be the ones being let go, we are the ones playing. "I'm not thinking past tomorrow's match", Lopetegui said.

isis-killer-beheading-video-story-top Army of Central Americans pushes into Mexico headed for U.S. border
Oct 23, 2018 - 01:38
The president also said that Guatemala, El Salvador, and Honduras will have their "massive" foreign aid reduced. Many migrants said they were fleeing a toxic mix of violence, poverty and corruption in Central America.

isis-killer-beheading-video-story-top Cowboys Trade First-Round Pick To Raiders For Amari Cooper
Oct 23, 2018 - 01:31
In 2000, Jones sent two first-round picks to Seattle for Joey Galloway before the first of three straight 5-11 seasons. The Cowboys have a bye in Week 8, too, so Cooper will have a little extra time to get acclimated in Dallas .

isis-killer-beheading-video-story-top Amritsar Train Tragedy: Family of 13-year-old victim holds protest
Oct 22, 2018 - 02:08
Anju, whose brothers Vikas and Ninderpal were killed in the incident, accused leaders of indulging in politics over this incident. Boisterous people on the railway tracks enjoying the deafening fireworks could not hear the siren of the oncoming train.

isis-killer-beheading-video-story-top Donald Trump on 'Criminal' Caravan Migrants: 'This Country Doesn't Want Them'
Oct 22, 2018 - 02:04
Mexico is now processing the caravan in small groups, and said some 640 asylum claims have been processed since Friday. One who made it in was 19-year-old Mario Leon, who abandoned the caravan after a week and crossed Thursday in a raft.

isis-killer-beheading-video-story-top Dozens injured at party in SC in floor collapse
Oct 22, 2018 - 01:47
About 30 people were taken to three area hospitals after a floor collapsed early Sunday, police said. "So everyone was jumping. The 30 people were transported to area hospitals after officials said Clemson University Fire set up a triage at the scene.

isis-killer-beheading-video-story-top Spotify brings a bunch of new features to its Premium service
Oct 21, 2018 - 01:03
And last, Spotify has added a bunch of Artist Radio stations that only play music you like based off that artist. The new navigation is being called "refined", as it aims to help "people quickly find what they're looking for".

isis-killer-beheading-video-story-top Mexican ambassador makes a stunning accusation about migrant caravan from Honduras
Oct 20, 2018 - 00:32
And he threatened to send troops to "shut down" the southern US border if Mexico failed to stop what he called an "onslaught". Any who decide to cross illegally and are caught will be detained and deported, the Mexican government has said.

isis-killer-beheading-video-story-top Novak Djokovic cruises past Borna Coric to win fourth Shanghai title
Oct 19, 2018 - 08:41
The Serb extended his winning run to 18 matches in China, following up his successes at Wimbledon, the Cincinnati Masters and US Open.