The American manufacturer of electric vehicles and solar panels Tesla Inc unexpectedly reached a profitable level in the third quarter.

Tesla stock quotes soared following the results of additional trading on Wednesday by more than 20%. The company’s capitalization since the beginning of 2019 has fallen by about 23%, over the past twelve months – by 13%. For comparison, the Standard & Poor’s 500 stock index over these periods increased by 20% and 15%, respectively, the Dow Jones Industrial Average – by 10% and 7%.

According to a press release from the company, its net profit in July-September amounted to $ 143 million, or 80 cents per share, compared with $ 311 million, or $ 1.82 per share, for the same period last year. Excluding one-time income and expenses, the indicator fell to $ 1.91 per share from $ 3.02 per share.

Revenue decreased by 8% to $ 6.303 billion from $ 6.824 billion a year earlier.

Analysts polled by FactSet, on average, predicted an adjusted loss of 46 cents per share on revenue of $ 6.43 billion.

Tesla said it would continue to be profitable, but warned that introducing new products to the market could impact profitability.

“We were able to achieve great success in controlling costs,” said Elon Musk, chief executive officer of the company. “Our operating costs are now at the lowest level since the start of the Model 3 production.”

Tesla said that a test release of the compact version of Model 3 has begun at a new factory in China, and the launch of the production of a new compact sports utility vehicle Model Y will happen earlier than planned – next summer.

The company plans to supply 360 thousand cars in 2019 (an increase of 45% compared to last year), which is the lower limit of the previously announced range of sales of 360-400 thousand cars.

As previously reported, in July-September, Tesla supplied dealers with 97 thousand electric vehicles, compared to 95.2 thousand in the previous three months. This was a record quarterly rate.

Tesla stock quotes soared following the results of additional trading on Wednesday by more than 20%. The company’s capitalization since the beginning of 2019 has fallen by about 23%, over the past twelve months – by 13%. For comparison, the Standard & Poor’s 500 stock index over these periods increased by 20% and 15%, respectively, the Dow Jones Industrial Average – by 10% and 7%.