Updated from 4:17 EDT PM.

NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA) - Get Report were soaring 6.33% to $215.05 in after-hours trading on Wednesday after the electric car maker posted better-than-expected results for the 2016 third quarter.

After today's closing bell, the Palo Alto, CA-based company reported non-GAAP earnings of 71 cents per share on revenue of $2.30 billion.

Analysts surveyed by Thomson Reuters had expected a loss of 54 cents per share on revenue of $1.98 billion.

For the fourth quarter, Tesla plans to deliver just over 25,000 vehicles. The company maintained its guidance of 50,000 vehicles delivered for the second half of 2016.

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In August, the company agreed to buy SolarCity (SCTY) for $2.6 billion.

Tesla is phasing out many of the non-GAAP adjustments it has made in the past. Beginning today, the company is excluding only stock-based compensation from its third-quarter non-GAAP earnings per share, Bloomberg noted. 

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on Tesla stock.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: TSLA

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