Tesla’s stock is up over 9% as the company releases quarterly earnings report

Axios | April 4, 2020 5:00:50Tesla shares are up nearly 9% to $36.99 in morning trading after Tesla announced that it reported quarterly results that beat Wall Street expectations.

Tesla, a privately held electric carmaker, beat Wall St. forecasts for fourth-quarter revenue of $8.4 billion and $1.5 billion profit, and said it expects to have earnings of $11.60 per share for the first quarter.

Tesla’s shares rose more than 6% to a record $36,938.09 in early trading.

Tesla shares have gained nearly 90% this year, compared with a 2.6% gain for the S&P 500 index.

Tesla shares have increased nearly 1,200% since Tesla began trading in March.

Tesla posted a loss of $1 billion in the fourth quarter, including $1 million in the first-quarter, $2 million in second-quarter and $2.2 million for the third-quarter.

The loss was higher than analysts had expected.

Shares in Tesla jumped nearly 20% on news of the earnings report.

Tesla is one of the most profitable companies in the U.S., according to FactSet.