TESLA REACHES MILESTONE WITH FIRST $1B QUARTERLY PROFIT

Tesla’s quarterly profit has surpassed $1 billion for the first time thanks to the electric car pioneer’s ability to navigate through a pandemic-driven computer chip shortage that has caused major headaches for other automakers.

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The financial milestone announced this week extended a two-year run of prosperity that has erased questions about Tesla’s long-term viability raised during its early years of losses and production problems.

Tesla now has cemented its position as the leader in the shift away from gas-combustion that is expected to make it even more profitable than during its most recent quarter.

The Palo Alto, California, company earned $1.1 billion, or $1.02 per share, in the April-June period. That was more than 10 times its profit at the same time last year. Revenue nearly doubled from last year to about $12 billion.

Adjusted to exclude one-time times items, Tesla earned $1.45 a share in the latest quarter, easily topping the 94 cents expected by Wall Street analysts, according to FactSet.