Tesla reported adjusted earnings of $1.45 per share on revenue of $11.96 billion, easily exceeding consensus estimates of 98 cents and $11.3 billion, respectively.
The company reported a profit of $1.142 billion on a GAAP basis, marking the company's first GAAP profit with the exclusion of regulatory credit sales, according to Tesla Daily.
Jim Cramer and Tesla Daily's Rob Maurer explain why Tesla stock is lower despite an earnings beat in the video above.
Watch TheStreet Live: Tesla Earnings and Beyond - Watch Jim Cramer, Tesla Daily's Rob Maurer
Disclosure: Rob Maurer is long TSLA stock and derivatives.