Tesla Inc. (TSLA) reported record fourth quarter earnings on Wednesday that exceeded Wall Street estimates, sending its stock up 5.6% in after-hours trading.

The electric vehicle maker reported a net income of $721 million, or $4.80 per share, up from $105 million, or 78 cents per share, in the same period a year ago. Revenue jumped to $10.7 billion, up from $7.4 billion in the fourth quarter of 2019.

Analysts had expected the company to report earnings of $3.50 per share on revenue of $10.3 billion.

Tesla also issued guidance for the first quarter of 2021, forecasting $1.5 billion to $2.5 billion in capital expenditures and a delivery rate of 180,000 to 200,000 vehicles.

Tesla CEO Elon Musk said in a statement that the company had “delivered a record number of vehicles in 2020 and achieved record revenues, despite the global pandemic.”

“We are now entering 2021 with tremendous momentum and look forward to a year of significant growth,” he said.

Tesla’s strong earnings report comes as the company prepares to launch its highly anticipated Cybertruck later this year. The truck is expected to begin production in the second half of 2021.

Analysts at Mizuho had previously said that Tesla’s stock could see a drag on earnings due to rising costs related to the Cybertruck launch.

Overall, Tesla’s earnings report was met with optimism from Wall Street. The company’s stock rose 5.6% in after-hours trading following the announcement.