(Reuters) – Tesla Inc (TSLA.O) on Wednesday posted its third quarterly profit in a row, but said the novel coronavirus was hurting deliveries and lockdown restrictions made it impossible for the electric carmaker to provide guidance for the full year.
FILE PHOTO: People wearing face masks are seen inside a Tesla showroom at a shopping mall in Wuhan, Hubei province, the epicentre of China’s coronavirus disease (COVID-19) outbreak, March 30, 2020. REUTERS/Aly Song
Shares of the company were up more than 8% at $870 in extended trade.
Tesla’s report of a profitable quarter comes just a day after Detroit-based rival Ford Motor Co (F.N) reported a $2 billion first-quarter loss and forecast losing another $5 billion in the current quarter as the coronavirus pandemic hits demand.
How Tesla fares in the current quarter and the remainder of the year will be an important test of the company’s durability. If Tesla can limit its losses, or even continue its profit streak and outperform…
Source news reuters.com, click here to read the full news.