Tesla stock jumps after posting second profitable quarter in its history

The company posted $2.15 billion in revenue in the third quarter and earned 72 cents per share.

Tesla, which has struggled to meet many of its own production deadlines in the past, made a quarterly profit for only the second time in the company’s history and beat Wall Street estimates.

The stock rose as much as 6 percent in after-market trading.

The company, led by CEO Elon Musk, earned 72 cents a share for the third quarter, beating the analysts’ expectations of a 54 cent loss, according to a Reuters survey.

Tesla also beat revenue estimates, generating $2.15 billion in sales, more than doubling from the same period last year. The Street was looking for revenue of about $1.98 billion.

The company produced 25,185 vehicles in Q3 and expects to meet its goal of delivering 50,000 cars for the second half of 2016. It delivered 24,821 Teslas over the course of the quarter, beating out its own expectation by 300 cars.

Model S and Model X orders also grew 68 percent compared with the same period last year. The company is also getting closer to beginning production on the 373,000 Model 3s that have been reserved — according to the letter, Tesla has completed the production line layouts for the Model 3 and will begin to add the the other necessary components soon.

This is developing

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