In this Sunday, Oct. 20, 2019, photo an unsold 2019 Model X sits under a sign at a Tesla dealership in Littleton, Colo. Tesla reports financial earns on Wednesday, Oct. 23. (AP Photo/David Zalubowski)

Tesla's stock soars after company posts surprising 3Q profit

October 23, 2019 - 5:23 pm

SAN FRANCISCO (AP) — Tesla posted a surprising profit of $143 million in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost $1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla forced its stock to fall by 23% so far this year, while the bellwether Standard & Poor's 500 index has climbed 20% so far. But Tesla's shares recovered much of those losses after its third-quarter numbers came out, soaring by more than 18% to $301.05.

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