Why Tesla, Inc. Stock Jumped on Thursday

Shares of electric-car maker Tesla (NASDAQ: TSLA) increased sharply on Thursday morning, following the company's second-quarter earnings on Wednesday. The stock increased as much as 7.4%, but is up 6.3% at the time of this writing.

Tesla's second-quarter results featured better-than-expected revenue and a narrower-than-expected adjusted loss per share. Analysts' consensus estimates for Tesla's revenue and adjusted loss per share were $2.51 billion and a loss of $1.83, respectively. But Tesla reported second-quarter revenue of $2.79 billion and an adjusted loss per share of $1.33.

The quarter also included an optimistic update on Tesla's Model 3. The company said the important new vehicle is on track with management's previously stated production targets, including a target of achieving a production rate of 5,000 vehicles per week by the end of this year and 10,000 vehicles per week at some point in 2018.

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Source: Fool.com