Tesla stock revs up after first profitable quarter

Shares are up almost 25 percent in trading Thursday morning after the company parked its first quarterly profit in its 10 year existence.

Tesla celebrating the production of the 1,000th Model S car in October 2012.
Tesla celebrating the production of the 1,000th Model S car in October 2012. Tesla

Tesla's stock is on a roll following the electric car company's blockbuster first quarter.

As of about 9:15 a.m. PT Thursday, shares had already risen almost 25 percent in trading, reaching close to $70 apiece.

Investors were clearly geared up by Tesla's first-quarter results, in which the company reported a profit of $11 million, its first time in the black since it launched 10 years ago. The company also witnessed an 83 percent jump in revenue, which hit $562 million.

Some Apple talk may also have aroused investor interest.

In an interview with Bloomberg published today, Tesla CEO Elon Musk hypothesized about which major players would be able to acquire the company if and when it were up for sale. Musk seemed to rule out another automaker, as the price tag would be too high.

The interviewer then threw out Apple as a possible suitor, and Musk certainly didn't shy away from the idea.

"They do have a lot of cash," Musk said coyly," according to Bloomberg. "I'd guess it would come from outside the auto industry. It would be a buyer with a very large cash position."

Tesla's Model S also just received a rousing thumbs-up from Consumer Reports, which gave it the top score above every other car tested.

 

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