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Tesla stock jumps as Wall Street cheers ‘historic’ quarter

Tesla Inc. stock rose 5% Thursday as Wall Street cheered the Silicon Valley car maker’s “truly historic” quarterly profit.

Some analysts tempered their enthusiasm, however, saying that one profitable quarter does not guarantee sustained, longer-term profit for Tesla. TSLA, +7.97%

Tesla stock rallied more than 12% after the company’s third-quarter results, which late Wednesday showed a surprise GAAP as well as adjusted per-share profit and sales that surpassed expectations.

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

Perhaps more important, share gains held as Chief Executive Elon Musk and other Tesla executives hosted a conference call with analysts and said the company won’t need to tap capital markets in the near term and will continue to rein in spending.

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