PALO ALTO, Calif. (AP) _ Tesla Inc. (TSLA) on Wednesday reported first-quarter net income of $16 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Palo Alto, California-based company said it had profit of 8 cents. Earnings, adjusted for stock option expense, came to $1.24 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 22 cents per share.
The electric car maker posted revenue of $5.99 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $5.37 billion.
Tesla shares have climbed 92% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $802.47, more than tripling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSLA at https://www.zacks.com/ap/TSLA
The Associated Press