Tesla shares skyrocketed up to over 17% after market hours yesterday, taking the share price back to $300. The highly volatile electric car company has returned to profitability as their $1.91 earnings per share smashed estimates that had them at -$0.24 per share. It had been a rough year for the company up to this point after consecutive quarters of being unprofitable.
This earnings report may mark a turning point in the eyes of investors as the company has proven its ability to achieve profitability with increased sales numbers and a sharper outlook going forward. Tesla has recently stated their vehicle production progress in China has been ahead of schedule. We expect the company to continue thriving in the coming year as other automotive companies are still far behind in their electric vehicle development.
Business Barrage 