Earlier today, electric vehicle manufacturer Tesla Inc. published its earnings report for the first quarter of 2020. With many challenges facing the company, such as those complications caused by coronavirus, uncertainty on the company’s report was high. However, with a positive report on profits in the year’s first quarter, Tesla appears to be in a strong position.
People were surprised to see that the company turned a profit despite several factory shutdowns due to COVID-19. The company’s stock price provides even more evidence toward the company’s bright future. In after-hours trading, the price has already surged a whopping 13%.
According to sources at Business Insider, a few key figures stood out in Tesla’s earnings reports. “Adjusted earnings per share (EPS): $1.24 versus an expected loss of $0.34. Revenue: $5.99 billion versus an expected $5.8 billion.” Between these two figures alone, Tesla enthusiasts are pleased with the company’s progress in the face of unpredictable challenges.
While Tesla has yet to disclose sales of the Model Y, it’s reasonable to assume that the new electric SUV impacted the company’s first quarter in a positive way. After all, deliveries of the Model Y began ahead of schedule. This coupled with increased demand and sales in the Chinese market fertilize an upward trend for Tesla.
Stay posted for updates from the live question and answer session with Tesla management on Wednesday April 29th, 2020.
