Tesla reports its first full year of GAAP profits, along with second-quarter results

Tesla just reported its second-quarter results. Shares rose as high as 6% after hours as the company beat expectations and reported its fourth straight quarter of profits.

The company reported a net income of $110m for the quarter with a net profit of $104m. Revenue was down 4.9% from a year ago to $6.04bn for the quarter, but still, beat estimates of $5.15bn.

Tesla said higher income from credits in combination with temporary employee salary cuts during the pandemic and deferred revenue from its yet to be released self-driving feature offset the cost of factory shutdowns to curb the virus.

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