reported its Q3 results
yesterday. To a reaction of positive surprise from investors, the Elon Musk-led company posted a profit for only the fifth quarter in its history - coming in at $143 million. Shares promptly soared by more than 20 percent in after-hours trading having taken somewhat of a battering for a significant part of the year so far.
As detailed in the Q3 update, one reason for this turn in fortunes has been the focus on "cost control and preparing for our next phase of growth", adding that, in relation to the Model 3, "our gross margins have strengthened and operating expenses are at the lowest level since Model 3 production started." All of which will leave shareholders hoping that the company has finally found the formula for a more long-term profitability.