Tesla posts third straight quarterly profit, shares rise

Tesla Inc on Wednesday beat analysts' estimates for first-quarter revenue and posted its third straight quarterly profit, as the electric carmaker recorded a solid number of deliveries during the period despite disruptions due to the coronavirus outbreak.

Shares of the company were up nearly 2% at $813.77 in extended trade. The coronavirus pandemic has disrupted demand for cars, with automakers being forced to shut shop and furlough workers, fueling uncertainty over when supply chains will return back to normal once lockdowns are eased.

"Due to the wide range of potential outcomes, near-term guidance of net income and free cash flow would likely be inaccurate. We will again revisit our 2020 guidance in our Q2 update," Tesla said in a statement. The electric carmaker also expects production of its Model Y in Fremont, Calif. and Model 3 in Shanghai will continue to ramp gradually through the second quarter.

Earlier this month, Tesla said production and deliveries of its Model Y sports utility vehicle was significantly ahead of schedule, as it delivered the highest number of vehicles in any first quarter to date, despite the outbreak. Revenue rose to $5.99 billion from $4.54 billion during the same quarter last year. Analysts had expected revenue of $5.90 billion for the latest quarter, according to IBES data from Refinitiv.

Excluding items, Tesla posted a profit of $1.24 per share. Analysts had expected a loss of 36 cents per share.