Tesla Posts Its First Annual Profit

140Mandak262Jamuna writes: Tesla announced its 2019 Fourth Quarter results. "Expectations were high this quarter after Tesla destroyed earnings expectations with surprisingly high profits last quarter. Today, Tesla announced that it made $7.384 billion in revenue and it reported surprising profits of $2.14 per share (Non-GAAP) in Q4 2019 -- over expectations for both revenue and earnings. The automaker continues to improve its financial position with strong results and increased its cash position by almost $1 billion to now $6.3 billion." Stock zoomed in after hours trading and continued to rally today. The short interest tracker S3 Partners reported that shorts lost another $1.5 billion today, as the stock zoomed very quickly on open giving them very little time to cover at anything close to yesterday's prices. According to this report they had $5.6 billion YTD profit last June. They have raked up losses of almost $13 billion dollars since.

The investor conference call revealed nuggets like improved range for dual motor cars, Model Y production starting sooner than expected, the solar side has started growing again, etc. Despite all the headlines about first "profitable" year, technically the company lost money on GAAP basis.