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Tesla defies predictions, soaring to first yearlong profit streak

China sales boost quarterly earnings as it prepares for Model Y launch in Shanghai

PALO ALTO, U.S. -- Tesla shattered Wall Street's expectations yet again on Wednesday, reporting a fourth straight quarter of profit driven by its success in China even as the coronavirus pandemic slows the global economy.

For the three months ended June 30, Tesla recorded $6.04 billion in total revenue, down 5% year over year, but beating the $5.2 billion consensus from Wall Street analysts. The company also reported a $104 million in net income, achieving its first yearlong streak of profitability.

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