Tesla’s fourth-quarter earnings beat expectations, shares hit a record $650

Tesla’s shares broke through $650 on Thursday, giving it a market capitalisation of more than $115 billion, up about 12 percent in the day and up more than 50 percent so far in the year. Tesla’s shares rose 11.37 percent to $647.04, with a recent market capitalisation of $116.6 billion, continuing to hold the top U.S. auto maker by market capitalisation.

Tesla's fourth-quarter earnings beat expectations, shares hit a record $650

Tesla reported fourth-quarter revenue of $7.38 billion, up 2 percent from a year earlier, beating market expectations of $7.02 billion, while net income attributable to common shareholders was $105 million, down 25 percent from a year earlier. It was Tesla’s sixth quarterly profit since it went public in July 2010. But Tesla still lost $862 million for the whole of last year, down slightly from a loss of $976 million in 2018, thanks to a $1.11 billion loss in the first half of last year.