Business

Tesla posts first annual profit

Posted January 29, 2020 4:36 p.m. EST

— 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.

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