Tesla Soars After Q2 Results Beat Estimates

Tesla Motors TSLA released its fiscal second-quarter earnings results after the closing bell on Wednesday. The company reported earnings per share and revenue that topped Wall Street estimates. In late trade, the stock was last up around 13 percent to $151.35. In the quarter, the company reported a net loss of $30.5 million or $0.26 per share, compared to a net loss of $105.2 million or $1.00 per share, in last year's corresponding period. On an adjusted basis, net income was $26 million or $0.20 per share. This came in ahead of analysts' consensus EPS estimates of $0.17. Revenue in the period was $405.14 million from $26.65 million last year. This also came in ahead of consensus Wall Street revenue estimates of $383.40 million. Looking ahead, Tesla guided for adjusted profits and positive cash flow in every quarter of this fiscal year. The company said that it plans to deliver over 5,000 Model S vehicles in the third-quarter and remains on track to deliver 21,000 vehicles worldwide in 2013. See all of Wednesday's movers with Benzinga's Market Wrap.