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Tesla, Like Apple, Told Bulls What They Wanted to Hear About a Big New Product

Financially and valuation-wise, there are some giant differences between Tesla Inc.  (TSLA) and Apple Inc. (AAPL) . But in areas such as product innovation, customer loyalty and a focus on creating a fine-tuned, end-to-end, customer experience, they certainly have some things in common.

And Elon Musk, of course, has drawn more than a few comparisons to Steve Jobs over the years.

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This week, Tesla and Apple have had something else in common: They’ve each seen their shares surge after beating June quarter estimates and (more importantly) calming fears about pending production and sales ramps for a very important new product.

Tesla reported Q2 revenue of $2.79 billion (up 120% annually) and adjusted EPS of negative $1.33, beating consensus analyst estimates of $2.52 billion and negative $1.57. Though the company had announced its Q2 vehicle deliveries a month ago, revenue beat expectations thanks to the sale of $100 million in zero-emission vehicle (ZEV) credits, as well as an increase in the portion of car sales for which revenue was fully recognized up-front rather than subject to lease accounting. EPS benefited from the aforementioned factors, as well as slightly lower-than-expected operating expenses.

Shares rose 7.4% in after-hours trading to $350.02. Short-covering could be helping with the gains: 28 million shares (23% of Tesla’s float) were shorted as of July 14.

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