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Tesla Just Did Something Nobody Expected

Associated Press
Updated
The electric automaker made a surprise profit

DETROIT (AP) — Electric car maker Tesla Motors has posted its first quarterly profit in three years.

Tesla reported net income of $22 million, or 14 cents per share, in the third quarter, up from a loss of $229 million in the July-September period a year ago.

Revenue more than doubled to $2.3 billion.

Tesla last made a profit in the first quarter of 2013.

The results surprised Wall Street, which forecast a loss of 86 cents, according to analysts polled by FactSet. Analysts had expected revenue of $2.2 billion.

Tesla delivered 24,821 vehicles during the quarter, an increase of 72 percent over the same period last year. The Palo Alto, California-based company said Wednesday it still expects to deliver just under 80,000 vehicles worldwide this year, up from 50,500 in 2015.