Tesla's report for the first quarter came strong, with a hefty profit despite the impact that Corona had on the markets.
The pandemic didn't seem to be a problem for the electric car giant which announced a profitable first quarter.
The company reported an EPS of $1.24 and a revenue of $5.99 billion. It exceeded analysts' expectations that were looking for a loss of 25 cents per share.
Regardless of the current situation, this is the third quarter in a row when TSLA posted profits, and overall, is the fifth out of the last seven. It shows that people are turning more and more to electric vehicles. But analysts are skeptical about the future, saying that "Tesla's first-quarter success story will be difficult to repeat in the coming months." Giving the uncertain future, Tesla didn't make comments regarding future net income and free cash flow.
It wasn't all good news. The company announced the delay in producing their semi-tractor to 2021, which was to start initially later this year.
TSLA stocks gained 9% in after-hours trading. Since the beginning of the year, shares doubled in value. Over the last year, they went up approximately 230%, with an increase of 36% in the past three months. It outperformed USA500 and USA30, which had losses of 10% and 14%, respectively.
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Sources: edition.cnn.com, marketwatch.com
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