30.04.2020 TESLA INC Daily Analysis

30.04.2020 TESLA INC Daily Analysis

Tesla has once again done what was considered impossible. On Wednesday after the normal trading session, Tesla released its first-quarter earnings report and the results were nothing short of astounding. Tesla posted profits for its first quarter joining the ranks of Netflix and Amazon in a market that's been reporting losses because of the effect of the Covid-19. Tesla stock had previously closed at $800.51 but shot up by more than 60 points in overnight trading. According to the report the company's sales rose to $5.99 billion from $4.54 billion one year ago. In contrast, analysts had forecasted a loss of 28 cents per share on sales of $6.1 billion. Tesla's stock went up by 9% on the news. In a letter to investors, Tesla said that it was the first time ever that they had achieved a positive net income in the seasonally weak first quarter and that despite global operational challenges they had been able to achieve their best first quarter for both production and deliveries. However, the second quarter might pause a challenge since people have to deal with the after-effects of covid-19 and maybe might put their plans for electric cars on hold.