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