Tesla has reported fourth-quarter results, and it's a beat on earnings. The stock spiked as much as 13% on the news after hours. Here's how the company did versus expectations: Earnings: $2.14 adjusted vs. $1.72 per share expected.

$2.14 adjusted vs. $1.72 per share expected. Revenue: $7.38 billion versus $7.02 billion, expected according to Refinitiv. Tesla said it expects positive cash flow and net income on a continuing basis going forward, with possible exceptions as it launches and ramps up production for new products. The company's automotive gross margins were down slightly year-over-year and sequentially at 22.5% for the quarter. The company said it had already begun a production ramp for Model Y, its newest crossover SUV, at its Fremont, California car plant. The company also has plans to build the Model Y eventually at a factory it plans to build in Brandernburg, Germany in 2021. Tesla shared a photo of the production version of the Model Y in its earnings report:

This photo of a production version of Tesla's Model Y was included in the company's Q4 2019 earnings report. Tesla

For 2020, Tesla said vehicle deliveries should "comfortably exceed 500,000 units." On the energy storage and solar side of Tesla's business, the company said it deployed 54 MW of solar in Q4, up sequentially by 26% and contributing to $436 million in revenue for the segment. It made even more money in the quarter, $580 million, from services and other business, which includes everything from repairing its customers' cars to selling merchandise to fans.

The company guided that solar and storage deployments should grow at least 50% in 2020. Tesla had already reported deliveries of 112,000 vehicles globally during the fourth quarter, a quarterly best for the company. That number significantly topped Wall Street estimates, and hit the low-end of Musk's year-end sales goal. One way Tesla achieved profitability in Q4 was by operating fairly lean on the retail and service side of its business, including repair shops and Superchargers both. Tesla only added 4% more stores and service locations to its operations, sequentially, representing 13% more year-over-year. According to its Q4 2019 report, it now has 429 of these locations. Tesla grew its mobile service fleets year-over-year by 81% however. It now operates 743 mobile service units, it said, just 3% more than it had last quarter.