Tesla Soars After Q1 Earnings Results

Tesla TSLA released its fiscal first-quarter earnings results on Wednesday after the closing bell. Adjusted earnings and revenue easily beat Wall Street consensus and the stock was last up better than 14 percent in late trading. The company reported a profit of $11.25 million versus a loss of $89.87 million in the year ago period. On an adjusted basis, the company earned $15 million or $0.12 per share. This easily topped consensus estimates of $0.04 per share in earnings. Revenue in the quarter was $561.79 million from $30.17 million last year. This also came in ahead of consensus revenue estimates of $492.02 million. Tesla said that it expects vehicle deliveries of over 4,500 for the second-quarter in North America and worldwide deliveries of 21,000 vehicles for the fiscal year. Previously, the company had guided for worldwide vehicles of 20,000 for the fiscal year.