Tesla shares rose about 4% in late trading after it posted third-quarter profit excluding some items of 71 cents a share, instead of the average 54-cent loss projected in a survey of seven analysts. Forecasters had hustled in recent days to adapt their models as Tesla hewed closer to GAAP reporting methods. Tesla said it had $3.08 billion in cash and equivalents at end of the quarter, down from $3.25 billion at the end of the second quarter. In May, Tesla said it had received roughly 373,000 pre-orders for the car, but has not updated that figure since. Revenue for the quarter almost doubled to $2.3 billion on a Generally Accepted Accounting Principles basis, helped by $139 million in credits for zero-emissions vehicles, Tesla reported Wednesday.

Source: Mint October 27, 2016 03:42 UTC