Thanks to the Model 3, Tesla finally turned a profit last quarter

Tesla Model 3

Tesla released its earnings report for the September quarter and, suffice it to say, the electric automaker has a lot to be proud of. Calling the quarter "historic," Tesla for the first time in history managed to turn a profit. When the dust settled, Tesla ended the quarter with a net income of $312 million. While not a staggering amount, it emphatically shows that Tesla -- despite an avalanche of naysayers -- does in fact have the ability to be profitable.

As far as revenue is concerned, Tesla during the quarter generated $6.8 billion in revenue, easily besting estimates from analysts on Wall Street. Impressively, revenue from automotive sales jumped by a whopping 158% year over year, thanks in large part to the popularity of the Model 3. Despite early production troubles, it truly seems as if Tesla has managed to get a firm grasp on ramping up Model 3 production.

Continue reading...

BGR Top Deals:

  1. The Echo Dot for cars is on sale today for $34
  2. You shouldn’t steal $1 million of cable service like this guy, but here’s how to save $120 a year on your bill

Trending Right Now:

  1. Marvel star comes to the rescue with a huge ‘Avengers 4’ spoiler
  2. ‘Magic UX’ is the most impressive thing we’ve seen on a smartphone in years
  3. German retailer lists OnePlus 6T ahead of launch, spills all the remaining secrets

Thanks to the Model 3, Tesla finally turned a profit last quarter originally appeared on BGR.com on Wed, 24 Oct 2018 at 17:11:53 EDT. Please see our terms for use of feeds.

Post Tagged with ,

Comments are closed.