Tesla extends profit run for fourth straight quarter, shares rise

Tesla Inc on Wednesday posted a profit for a fourth straight quarter and stuck to its target of more than half a million vehicle deliveries for the year, despite disruptions caused by the coronavirus crisis. Shares of the electric carmaker rose 4% in extended trading.

Tesla Inc on Wednesday posted a profit for a fourth straight quarter and stuck to its target of more than half a million vehicle deliveries for the year, despite disruptions caused by the coronavirus crisis.

Shares of the electric carmaker rose 4% in extended trading. The automaker also defied skeptics earlier this month by surpassing Wall Street's expectations for total vehicle deliveries during the quarter.

Excluding items, Tesla posted a profit of $2.18 per share. Revenue fell to $6.04 billion from $6.35 billion a year earlier. Analysts had expected revenue of $5.37 billion, according to IBES data from Refinitiv.

Tesla Chief Executive Elon Musk on Tuesday qualified for a payout worth an unprecedented $2.1 billion, his second jackpot since May from the electric car maker following its massive stock surge.