Tesla posted earnings that beat expectations on Wednesday but the electric car maker sharply lowered its fourth-quarter guidance to 30 to 35 cents a share on fewer-than-expected Model S deliveries for the year.

Analysts had expected fourth-quarter earnings guidance of about 75 cents a share.

The firm also announced plans to postpone Model X deliveries.

Shares spiked more than 8 percent on the third-quarter results in after-hours trade.

The company posted third-quarter earnings per share of 2 cents a share, compared to 12 cents per share in the year-earlier period.

Non-GAAP revenue for the quarter came in at $932 million, against the comparable year-ago figure of $603 million.

Analysts had expected Tesla to report a loss of about 1 cent per share on $889 million in revenue, according to a consensus estimate from Thomson Reuters.