MarketWatch First Take: Profit secured and Musk behaving, but Tesla still has a long way to go

Eight years into a rocky journey on the public markets, Tesla Inc. appears to have hit a smoother road. But that doesn’t mean the trip is anywhere near complete.

Tesla TSLA, -1.92%reported its most profitable quarter ever Wednesday afternoon, easily beating internal and external expectations as Model 3 production finally reached a point where Tesla could deliver enough of the cars to produce actual earnings. Chief Executive Elon Musk avoided shooting his company in the foot in a conference call, staying measured even when faced with annoying questions from analysts, and Tesla stock shot higher by double-digit percentages in late trading.

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