Tesla’ income jumps 20%, but shares fall after hours amid profit concerns

By DAVID HAMILTON
AP Business Writer

SAN FRANCISCO (AP) — Elon Musk’s big bet that Tesla price cuts can boost sales and profits amid increasing competition and poor economic sentiment appears to be yielding mixed results. The company beat analyst expectations for net income in the April-June quarter and reported a 47% increase in revenue, although its shares barely budged in extended trading. Tesla’s operating margin, a measure of how efficiently the company is turning sales into pretax profits, dropped substantially for a second quarter in a row.