PALO ALTO, Calif. – PALO ALTO, Calif. (AP) _ Tesla Motors Inc. (TSLA) on Wednesday reported third-quarter net income of $21.9 million, after reporting a loss in the same period a year earlier.
The Palo Alto, California-based company said it had net income of 14 cents per share. Earnings, adjusted for stock option expense, came to 71 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.
The electric car maker posted revenue of $2.3 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.94 billion.
Tesla shares have fallen 16 per cent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $202.24, a drop of 6 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSLA at http://www.zacks.com/ap/TSLA
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