For its third quarter, Tesla said it earned $1.86 per share on an adjusted basis, against analysts expectations of a 42 cent loss per share. Revenue was $6.303 billion, missing estimates of $6.425 billion. Deliveries were 97,186, beating estimates of 97,000. Tesla also sold more of its lower-priced Model 3s than expected. And adjusted gross margin beat estimates, coming in at 22% versus estimates of 18%.
Shares of the stock surged and Jim Cramer was impressed by both the quarter and CEO Elon Musk, however, he did note one thing that worried him:
"You know, it's very hard to have a decline in revenues and still have an increase in earnings. So I mean there'll be people who will just be suspicious of that ... it's highly unusual and that's why people, the bears are going to say, wait a second."
Watch the video above to see what else Cramer had to say about Tesla's earnings.
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