Tesla: shares jump after 'historic' quarter

(CercleFinance.com) - Tesla shares are up over 8% on Thursday after the premium electric carmaker delivered a "truly historic quarter" in its own terms for the July-September period.


Indeed, the Palo Alto-based company reported its best quarter to date, generating 6.8 billion dollars in revenue, up 70%, with GAAP net income of 311 million dollars, compared to a loss of 717 million dollars a year ago.

Tesla said its Model 3 was the best-selling car in the US in terms of revenue over the past quarter, and the 5th best-selling car in terms of volume.

In the third quarter, the group delivered a total of 56,065 Model 3s to customers.

Even better, Tesla finished the quarter with 3 billion dollars in cash, up over 750 million dollars from the second quarter.

Unsurprisingly, analysts cheered this good news.

"The third quarter materially de-stresses Tesla's balance sheet and could support more leverage if the company can demonstrate more than one quarter of healthy free-cash-flow generation and sustained demand for Model 3," Jefferies said.

The New York-listed stock rose by 8.7% at 313.5 dollars in this highly optimistic atmosphere.

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