Companies

Tesla Returns to Growth in 3rd Quarter, Shares Surge Nearly 22 Percent

Growing demand for its energy business and EVs helped the company return to profit.
Tesla Returns to Growth in 3rd Quarter, Shares Surge Nearly 22 Percent
Cars are parked in the employee parking lot at Tesla Inc.'s vehicle factory in Fremont, Calif., on March 18, 2020. Shannon Stapleton/Reuters
Panos Mourdoukoutas
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Tesla returned to profit and revenue growth in the third quarter, riding a rising trend for electric vehicles (EVs) worldwide and a turnaround in its energy business. Its stock closed up nearly 22 percent.

On Oct. 23, the EV pioneer reported net income of $2.17 billion, or $0.62 a share, up from $1.85 billion, or $0.53 a share a year ago. Revenue was $25.18 billion, up by 8 percent in the quarter, from $23.35 billion a year earlier.
Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”