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.
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.