Tesla did not disappoint, the automaker sealed its fourth straight quarter of profitability putting it on the road to potentially be included in the S&P 500 which could prove lucrative for investors.
The electric car maker earned $2.18 per share, besting the ($0.11) loss analysts had been expecting. Revenue also came higher than expected at $6.04 billion.
“We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020. Production output of our existing facilities continues to improve to meet demand, and we are adding more capacity. Later this year, we will be building three factories on three continents simultaneously” the company stated in its financials.
The stock, which has gained over 280 percent this year, traded over the $1,600 level in the extended session on Wednesday.