Tesla beats quarterly revenue estimates, shares take off

Tesla Inc on Wednesday beat analysts' estimates for third-quarter revenue as it made record vehicle deliveries, overcoming disruptions caused by the COVID-19 pandemic. Shares of the world's most valuable automaker, which have surged about five-fold this year, were up 4.3% at $440.81 in extended trade after it reported its fifth consecutive quarter of profit.

Tesla Inc on Wednesday beat analysts' estimates for third-quarter revenue as it made record vehicle deliveries, overcoming disruptions caused by the COVID-19 pandemic.

Shares of the world's most valuable automaker, which have surged about five-fold this year, were up 4.3% at $440.81 in extended trade after it reported its fifth consecutive quarter of profit. Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts questioned whether the company could hit its ambitious year-end target.

Tesla on Wednesday said it has the capacity installed to produce and deliver 500,000 vehicles this year. Revenue rose to a record $8.77 billion from $6.30 billion a year earlier. Analysts had expected revenue of $8.36 billion, according to IBES data from Refinitiv.

Excluding items, Tesla posted a profit of 76 cents per share.