Tesla beat profit estimates for the third quarter, sending the stock up as much as 7% after hours. The earnings call is scheduled 5:30 p.m. ET.

Tesla slashed prices last year leading to a sharp decline in profit margins. This spring, it shifted its strategy to offering cheaper financing options and discounts that analysts have said could slow its margin bleed over the coming quarters.

The surprise increase was the first since the electric-car maker’s earnings began to slide earlier this year as it turned to deep price cuts and other sales promotions to stimulate sales.

Tesla (TSLA) on Wednesday reported mixed earnings for its last quarter, with revenue failing to meet expectations, strong profits, and a renewed promise for more affordable vehicles on the way.

Tesla's energy business thrived with a 52% revenue increase, but auto sales lagged. See more about TSLA stock and the bearish outlook amid rising competition.