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Tesla earnings surprise tops expectations, misses delivery number

Tesla earnings surprise tops expectations, misses delivery number

By Claudia Assis

Tesla shares rose 3.6% in after hours trading Wednesday after the electric car maker reported better-than-expected third-quarter earnings but missed its delivery target.

Tesla said it had a net income of $3 million, or 2 cents a share, in the quarter. It said it delivered 7,785 Model S sedans, compared with guidance of 7,800 cars, missing the delivery target by 15 units.

That compares with expectations of a loss of 1 cent, according to analysts polled by FactSet, and earnings of 12 cents a share in the same period a year ago.

Revenues rose to $932 million, compared with analyst expectations of $892 million and $603 million in the year-ago period.

Shares have gained 54% year-to-date, compared to gains of 9.4% for the S&P 500 index.