Tesla made profit in 4 quarters for the first time

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The automaker now looks forward to joining the S&P 500

Tesla made a profit for the first time in 4 consecutive quarters. Photo: teknikensvarld.se

Tesla, an American electric car manufacturer, posted a $ 104 million profit in the second quarter of 2020, prompting the company to close its electric vehicle plant in Fremont, California, for nearly seven weeks due to the COVID-19 epidemic. Profit in four consecutive quarters.

As noted by the site The ledge, For Tesla, profit making has been an unachievable goal for a year.

It is stated in Press release For the same period in 2019, the company’s second-quarter net income was $ 408 million, or 50 cents per share, with a loss of $ 2.31. Earnings were a loss of $ 2.18 per share versus $ 1.12 per share excluding one-time earnings and expenses.

At the same time, revenue was reduced by only 5% – $ 6.04 billion instead of just $ 5.37 billion. In 2019, the figure was $ 6.4 billion.

Website Cnbc Noted that Tesla can now expect to join the S&P 500. Tesla shares rose 6% to better-than-expected results after trading close on the Nasdaq Stock Exchange.

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Earlier we wrote that Tesla achieved the largest market capitalization of any other auto company. During trading on July 1, a Tesla share price was $ 1,100, a 4% increase from the previous day. Thus, Tesla’s market capitalization reached $ 209 billion, $ 4 billion more than Toyota, which finished second. As noted by the media, this achievement is notable that Elon Musk’s company never made a profit.

In late April this year, Tesla’s value dropped by $ 14 billion following a series of controversial tweets published by the company’s CEO Elon Musk.

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