Tesla's stock is up a whopping 25% today after the green automaker beat earnings expectations yesterday.
Tesla reported its first ever quarterly profit. It announced earnings of $0.12 per share, beating expectations for $0.03 per share. Revenue jumped 83% from the last quarter to $562 million.
People have been concerned about the cost of the vehicle, and it had received some poor reviews. Some, have argued that Tesla's margin was being driven by government subsidies that could disappear if the government changed its plan. But Elon Musk said gross margin doesn't assume zero emission vehicle (ZEV) credit revenue from the government.
Consumer Reports gave Tesla's Model S a 99 out of 100, higher than any other car they've tested. The called it a 'truly remarkable car.'
This chart from Marketwatch shows the stock rally since the earnings release:
More From Business Insider
- Tesla Shares Are Going Bonkers — Now They're Up 27%
- Tesla Smashes Earnings And Revenue Expectations
- The Man Who Turned Off Cookies In Firefox Doesn't Care If It Hurts Advertisers
- Investment & Company Information