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Tesla: 3Q Earnings Snapshot

October 21, 2020 GMT

PALO ALTO, Calif. (AP) _ Tesla Inc. (TSLA) on Wednesday reported third-quarter net income of $331 million.

The Palo Alto, California-based company said it had profit of 27 cents per share. Earnings, adjusted for stock option expense, came to 76 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The electric car maker posted revenue of $8.77 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $8.29 billion.

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Tesla shares have climbed fivefold since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $422.64, increasing eightfold 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