Tesla posts first annual profit
Posted January 29, 2020 4:36 p.m. EST
CNN — Tesla posted its first annual profit, easily topping Wall Street's forecasts in the final three months of 2019.
Tesla has had only a handful of quarterly profits in its 10 years as a public company. While on a strict accounting basis the company posted yet another loss for 2019, on the operating basis followed by most analysts and investors Tesla posted a narrow $35.8 million profit for the year.
Even on a strict accounting basis it posted profits in back-to-back quarters, only the second time it has posted consecutive profitable quarters.
"2019 was a turning point for Tesla," the company said in its statement.
Shares of Tesla, which have been on a torrid run for the last eight months, jumped 9% in after-hours trading on the report.
This is a developing story, check back here for updates.
