SAN FRANCISCO (MarketWatch) -- Tesla Motors Inc. TSLA, +4.42% reported late Wednesday a fourth-quarter net loss of $16.3 million, or 12 cents a share, narrowing a year-ago loss of $89.9 million, or 79 cents a share. Adjusted to exclude one-time items, however, the company swung to a profit of $45.9 million, or 33 cents a share. Revenue for the quarter rose to $615.2 million from $306.3 million a year ago. Including Model S revenue deferred due to lease accounting, adjusted revenue totaled $761.3 million. Analysts surveyed by FactSet had predicted the Palo Alto, Calif., electric car maker would post adjusted earnings of 23 cents a share on $684 million in revenue. Gross margin, adjusted to exclude zero emission vehicle (ZEV) credits, rose to 25.2%. Tesla shares rose as much as 16% in after-hours trade. At the close, the stock was up 393% from where it traded 12 months ago.