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Tesla stock rallies after company swings to profit, sales more than double

Tesla Inc. stock jumped more than 12% late Wednesday after the Silicon Valley car maker reported a surprise third-quarter GAAP as well as an adjusted per-share profit and sales that came in above Wall Street expectations.

The quarter was “truly historic,” Tesla TSLA, -1.92% executives said in their letter to shareholders.

“Sufficient Model 3 profitability was critical to make our business sustainable – something many argued would be impossible to achieve,” Tesla said in the letter, in a jab at its many critics. “We can’t thank you enough for your support. We would not have achieved this historic quarter without it.

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