Tesla shares jump in third quarter earnings even as expected revenue is lower

After two slow quarters, Elon Musk’s electric vehicle maker reported a higher-than-expected earnings a share

Tesla shares saw an 8% jump after reporting its third quarter earnings on Wednesday. The electric car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing investors’ projection of $0.60.

At the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50% drop in profits was temporary and due to difficulty competing with cheaper or price-slashed electric vehicles by rival companies such as BYD. “We don’t see this as a long-term issue,” Musk said in July, “but really fairly short term.”

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