Tesla Reports Big Q1 Earnings Beat, Near-Term Profitability 'On Hold'

Tesla Inc TSLA reported adjusted first-quarter earnings of $1.24 per share on Wednesday, which beat the analyst consensus estimate that called for a loss of 36 cents. This is a 142% increase over losses of $2.90 per share from the same period last year.

The company reported quarterly sales of $5.985 billion, which beat the analyst consensus estimate of $5.9 billion by 1.44%. This is a 31.8% increase over sales of $4.541 billion the same period last year.

Tesla reported first-quarter total deliveries were up 40% year over year. The company sees capacity installed exceeding 500,000 vehicles delivered in 2020.

"While near-term profit guidance is currently on hold, we believe we will achieve industry leading operating margins an profitability with capacity expansion and localization plans underway," the company said in its release.

Tesla shares traded up 4.02% at $800.51 on Wednesday, and traded higher by another 6.8% to the $855 level in the after-hours session. The stock has a 52-week high of $968.99 and a 52-week low of $176.99.

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