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You are here: Home / Business / Tesla reports loss of $717M in second quarter

Tesla reports loss of $717M in second quarter

August 1, 2018 reviewjournal Leave a Comment

The showroom floor at the Tesla sales and service location off of Jones Boulevard near the 215 Beltway in Las Vegas on Wednesday, Feb. 21, 2018. (Chase Stevens/Las Vegas Review-Journal) @csstevensphoto Tesla CEO and founder of the Boring Company Elon Musk speaks at a news conference in Chicago, Thursday, June 14, 2018. (Kiichiro Sato/AP, File) Electric car maker Tesla Inc. burned through $739.5 million in cash last quarter, paving the way to a company record $717.5 million net loss as it cranked out more electric cars. But the company reiterated a promise from CEO Elon Musk to post net profits in the third and fourth quarters, and Telsa’s shares rose 5.3 percent to $316.85 in after-hours trading. The Palo Alto, California, company said it lost $4.22 per share from April through June as revenue grew 43 percent to just over $4 billion. Adjusted for stock-based compensation, the company lost $3.06 per share. That was worse than Wall Street estimates. Analysts polled by FactSet expected a $2.88 loss per share. The net loss more than doubled from the same quarter a year ago. In a statement released after the markets closed Wednesday, Tesla said it expects to produce 50,000 to 55,000 Model 3s in the third quarter, an increase of at least 75 percent from the first quarter. Tesla spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June. Cash from selling the Model 3, which starts at $35,000 but runs… [Read full story]




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