Nov 02, 2016 12:24 PM EDT By Emily Marks, UniversityHerald Reporter

Tesla has announced its first profitable quarter in three years. The company was able to gain $2.3 billion in revenue, surpassing expectations by over $300 million.

CNBC reported that CEO Elon Musk believes that the fourth quarter will be profitable. This is excluding non-cash stock-based expenses.

Tesla also confirmed that it earned 71 cents a share on an adjusted basis in the third quarter on revenue of $2.3 billion. A loss of 54 cents per share on $1.98 billion in revenues was previously expected.

New product launches, increased store efficiency as well as new store openings were cited as a few of the major factors that drove the third-quarter results. Moreover, it was also revealed that its recent self-driving hardware improvements have positioned the company for additional market share gains.

According to Reuters, Elon Musk told analysts that Tesla's current plan "does not require any capital raise for the Model 3 at all." The company is still expected to raise capital, though, to "account for uncertainty... and de-risk the business."

Inc. noted that Tesla's profitable quarter could not have come at a better time. In just a few weeks, the company will have a shareholder vote on the $2.6 billion proposed acquisition of SolarCity. Musk sees the acquisition as necessary for both companies to achieve their full potential.

This part of Musk's vision has been heavily criticized. Analysts believe that SolarCity will create a "cash flow sinkhole" for Tesla.

Investors, however, are beginning to see SolarCity's potential to make money. Recently, the company has also unveiled its solar roofs.

It was revealed that Musk's master plan is to combine Tesla and SolarCity. Apparently, the CEO wants to create car batteries that can be charged using solar energy. Will it also help Musk's space company, SpaceX?

The investigation on SpaceX Falcon 9's explosion is still in development. It was reported that the cryogenic helium system inside SpaceX Falcon 9 rocket's second stage liquid oxygen tank is believed to have been the cause of the blast.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit