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.