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* Automotive Revenue: up 47% QOQ and 42% YOY
* Gross profit up 63% QoQ and 73% YoY
* Q3 Adjusted earnings per share: 76 cents vs. 55 cents expected
* 40% YOY delivery increase, a new record (139,300)
* Predicts capacity and capabilities to deliver 500K vehicles in 2020 - Shanghai ramp dependent

Tesla blows away estimates as deliveries ramp up, targeting 500K by year's end amid coronavirus
Emily McCormick·Reporter

Tesla (TSLA) reported third-quarter sales and profit that topped expectations, as the company doubled down on its guidance to achieve a record 500,000 vehicle deliveries in 2020 in the face of a global economy still weighed by the COVID-19 outbreak.

Shares soared by over 4% in after-hours trading, adding to a stock run-up of more than 400% for the year to date through Wednesday’s close.

Here were the main results from Tesla’s earnings report, compared to consensus estimates compiled by Bloomberg:

Q3 Revenue: $8.77 billion vs. $8.26 billion expected

Q3 Adjusted earnings per share: 76 cents vs. 55 cents expected...

On Wednesday, Tesla reiterated ithat it has the capacity installed to produce and deliver 500,000 vehicles this year.

“While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target,” the company said. “Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production, as well as further improvements in logistics and delivery efficiency at higher volume levels.”

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