Tesla Shares Jump As Profits Rise On Lower Expenses

The positive results broke a string of recent Tesla earnings that have seen the high-flying company report lower profits (Credit: AFP)

Tesla shares surged Wednesday after the electric car maker reported a jump in profits, as increased auto sales and lower expenses offset the drag from a drop in vehicle prices.

The company, led by Elon Musk, reported third-quarter profits of $2.2 billion, up 17 percent from the year-ago period on an eight-percent increase in revenues to $25.2 billion.