Tesla delivered a quarterly profit that beat Wall Street’s expectations as it reported its earnings on Wednesday.
The electric carmaker reported earnings per share of $0.62 — a big beat over analysts’ expectations of $0.51.
Revenue came in slightly below analysts’ expectations at $25.18 billion for the quarter, an 8% year-over-year increase. Tesla’s gross margin, which is closely watched by Wall Street, rose to 19.8%.
The Cybertruck reached profitability, and the company said that “plans for new vehicles, including more affordable models, remain on track for the start of production in the first half of 2025.”
The stock was up 12% in after-hours trading at the conclusion of Tesla’s analyst call, during which Elon Musk and executives spent most of the time going over prepared remarks or answering previously submitted questions from retail investors. The executives took two questions from analysts dialed into the call.
Earlier this month, Musk revealed Tesla’s long-awaited driverless Cybercab robotaxi at its “We, Robot” event. While the event generated considerable hype for Tesla, the driverless taxi plan has been met with skepticism over its feasibility and competition with rivals.