Tesla beat revenue estimates by $70 million, coming in at $562 million for the quarter instead of a projected $492 million. That's a return of $0.12 per share, beating earlier projections and earning $0.03 per share. This is their first profitable quarter.
By selling 4,900 cars in this first quarter, Tesla was able to convert what analysts had originally seen as a narrow loss into an actual, real return. $11 million, to be precise.
Now, we'll have to see if this can be maintained. Tesla lost $1 billion in its first 10 years of operation, so this doesn't mean they're out of the woods yet. The cars are also part of a government green credit program. Tesla sells these credits to other manufacturers at a heft profit, like $250 million.
As more electric cars come out and are eligible, they'll have less credits to sell and a source of income could disappear.
But, for now, congrats to Tesla! This is a big milestone. Now keep it up.