Tesla, the electric car maker, reported revenue of $6 billion in the second quarter, beating expectations, while also clocking four sequential quarters of profitability.
Adjusted earnings per share were $2.18, smashing Wall Street expectations. Net income was $104 million, despite the general economic downturn this year due to the coronavirus, according to Deutsche press agency (dpa).
Tesla posted a profit in line with GAAP - or, generally accepted accounting principles - means the stock could be included in the S&P 500 index, both a point of prestige and a potential further boost for the company as shares are then bought up by major investment funds.
This is the first time since Tesla was founded in 2003 that it had a full year in the black.
The company's stock has rallied strongly in recent months, giving it a market capitalization of about $290 billion, more than any other car maker in the world. The stock has surged nearly 300 percent this year.
The stock moved higher in after-market trading on the news.
Wall Street analysts increasingly recently viewed the stock as having rallied too strongly in such a short period.
The number of delivered vehicles was slightly higher than last quarter, at 90,891. However, with the pandemic having spread since March, deliveries were down about 5 percent compared to the same period last year.
Company founder Elon Musk confirmed in a presentation with investors on Wednesday that Tesla will open a new massive factory near Austin, Texas, describing the plant as an "ecological paradise."
With regards to questions on batteries and solar power, Musk declined to give specifics, kicking it down the road to another presentation set for September. Investors have been waiting to hear more on Tesla's tech side.
Musk qualified this week for a payout worth more than $2 billion.
