Tesla charged through a summertime auto industry sales slump in the U.S. to post stronger-than-expected net earnings for the third quarter. Excluding special items such as stock-based compensation, Tesla made 76 US cents per share, beating Wall Street estimates of 57 cents. The third-quarter profit was more than double the same period a year ago, when Tesla made US$143 million. Through the first nine months of this year, Tesla has made US$451 million and appears headed toward its first annual profit. Analysts said China, where the economy is recovering, was a major source of sales for Tesla.

Source: The Standard October 22, 2020 06:11 UTC