Tesla reports first quarterly profit in more than three years

Tesla, led by billionaire entrepreneur Elon Musk, recorded net income of $21.9 million, or 14 cents per share, for the third quarter ended Sept. 30 compared with a loss of $229.9 million, or $1.78 per share, a year earlier. Tesla, which went public in 2010, had not made a net quarterly profit since the first quarter of 2013. On an adjusted basis, Tesla reported a profit of 71 cents per share, compared with a loss of $1.35 per share in the same period last year.