Tesla stock soars after earnings, promises of a profitable second half

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Engineer and tech entrepreneur Elon Musk of The Boring Company talks about constructing a high speed transit tunnel at Block 37 during a news conference on June 14, 2018 in Chicago, Illinois.

Shares of Tesla soared roughly 9 percent at the start of trading Thursday after CEO Elon Musk and the automaker promised a profitable second half of 2018 during its second-quarter earnings report.

The stock opened at $328.44, after closing Wednesday at $300.84. It’s a welcome stock bump for investors, who sent Tesla shares skidding more than 5 percent after the company’s last earnings report in May and a bizarre call with analysts.

Tesla posted a greater-than-expected loss per share for the second quarter and revenue that just edged out Wall Street estimates. But the company’s CEO lifted shares after hours with apologies for past bad behavior.

As of Thursday’s open, shares of Tesla had gained 5 percent in 2018 and were essentially flat in the 12-month period.