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Tesla: results beat the Street, shares jump

( - Tesla shares rallied on Thursday after the company reported third-quarter earnings and revenue that came in well ahead of the consensus.

The electric-car maker reported third-quarter profit of 874 million dollars, or 76 cents a share, compared to 342 million dollars, or 37 cents a share, a year ago. Automative revenue jumped 42% to 7.6 billion dollars.

The results easily beat analysts' expectations, with the consensus looking for earnings of just 57 cents per share.

Analysts hailed a "strong quarter," with Canaccord Genuity noting that the most valuable US auto maker has now posted a "fifth quarter of positive earnings in a row."

US broker Wedbush raised its "bull case" from 700 dollars to 800 dollars, to reflect these improving demand/profitability dynamics heading into 2021, despite a soft economy and the COVID pandemic.

Canaccord said the performance is likely to fuel S&P inclusion speculation
once again, ahead of the launches of the semi and the Cybertruck in 2021, as well as internal battery supply.

The shares are currently up over 3%.

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