Daily Management Review

Tesla shares up 5.6 per cent in pre-market


Shares in US electric car maker Tesla are up 5.6% in pre-trade on record net profit attributable to shareholders of $3.32 billion last quarter, about 7.6 times last year's figure, according to the company's report.

Diluted earnings per share were $2.86 after $0.39 for the first quarter of 2021, adjusted diluted earnings per share were $3.22 on a forecast of $2.24. Revenue climbed 1.8 times to $18.756 billion. Analysts had expected revenue of $17.63 billion.

In addition, quarterly car sales jumped 1.9 times compared to the same period a year earlier to $18.8 billion.

The head of the company, Elon Musk, also announced plans to increase car production by 1.5 times year-on-year.

The company's shares are up 5.6% before opening of main trading and after publication of the financial statements.

source: bloomberg.com