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Tesla: 2Q Earnings Snapshot

July 22, 2020 GMT

PALO ALTO, Calif. (AP) _ Tesla Inc. (TSLA) on Wednesday reported second-quarter net income of $104 million, after reporting a loss in the same period a year earlier.

The Palo Alto, California-based company said it had profit of 50 cents per share. Earnings, adjusted for stock option expense, were $2.18 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 49 cents per share.

The electric car maker posted revenue of $6.04 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $4.96 billion.

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Tesla shares have nearly quadrupled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $1,592.33, increasing sixfold in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSLA at https://www.zacks.com/ap/TSLA