PALO ALTO, Calif. (AP) _ Tesla Inc. (TSLA) on Monday reported second-quarter profit of $1.14 billion.

On a per-share basis, the Palo Alto, California-based company said it had net income of $1.02. Earnings, adjusted for stock option expense, were $1.45 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The electric car maker posted revenue of $11.96 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $11.39 billion.

Tesla shares have decreased nearly 7% since the beginning of the year. In the final minutes of trading on Monday, shares hit $657.62, more than doubling in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSLA at https://www.zacks.com/ap/TSLA

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