It's not often that a company with a $1 trillion market cap sees a daily stock move of more than 10%. But that's what's happening with Tesla (TSLA -0.52%) today. Shares of the EV trailblazer popped 11.8% just after the opening bell today. As of 10:11 a.m. ET, shares remain 8.9% above Wednesday's closing price.
Today's move was strictly related to the performance of the business. Yesterday afternoon, Tesla reported blowout first-quarter results, and CEO Elon Musk even suggested that the company may grow even more than he anticipated earlier this year. Tesla reported a record quarter with total revenue of $18.8 billion and $3.3 billion in net income.
First-quarter revenue grew an astounding 81% year over year. Perhaps more importantly, much of Tesla's sales filter to the bottom line. Tesla reported an impressive operating margin of 19.2%.
As previously announced, the company delivered more than 310,000 vehicles in the first quarter, representing an increase of 68% versus the prior-year period. Tesla has said that it expects its vehicle deliveries to achieve an average annual growth rate of 50% for a period of several years.
Investors have had some concern over that projection in the near term because the company's Shanghai manufacturing facility has had to halt operations due to COVID-19-related lockdowns. But Tesla said that the plant in China has restarted production at a limited capacity. And CEO Elon Musk said on the company's conference call with investors that he believes the company could exceed a 50% growth rate this year, despite the recent production delays.
Tesla has now opened plants in Germany and Austin, Texas, to help spur that growth. Investors today are signaling they believe that the company will achieve its goals and then some.