Tesla shares were up sharply in after-hours trading Wednesday after the company posted a surprise profit for the March quarter, despite coronavirus-related disruptions.
The electric carmaker reported revenue of $5.99 billion for the quarter, slightly lower than a FactSet consensus of $6.1 billion, but non-GAAP earnings of $1.24 per share beat expectations for a loss of 28 cents per share.
In a letter to shareholders, Tesla said that income and free cash flow guidance will likely be inaccurate owing to uncertainty, but that it will "revisit" its 2020 guidance in its Q2 update. Shares were rising more than 10% in after-hours trading.
RealMoney columnist Jim Collins is analyzing the company's earnings report due out after the close.