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You are here: Home / Music & Stage / Tesla reports wider loss than expected, expects to be profitable in the 2nd half of the year as it ramps up Model 3 production (TSLA)

Tesla reports wider loss than expected, expects to be profitable in the 2nd half of the year as it ramps up Model 3 production (TSLA)

August 1, 2018 mysanantonio Leave a Comment

Akin Oyedele, provided by Published 3:07 pm CDT, Wednesday, August 1, 2018 Rich Pedroncelli / Associated Press Tesla on Wednesday reported a wider second-quarter loss than analysts had expected. The electric-car maker beat forecasts for revenue, and its cash burn decreased compared with the first quarter. Tesla said it hit a weekly production rate of 5,000 Model 3s “multiple times” in July and aimed to increase production to 10,000 “as fast as we can.” Watch Tesla trade in real time here.  Tesla on Wednesday reported a wider second-quarter loss than analysts had expected but said it expects to be profitable later this year as it ramps up production of its Model 3 sedan. Recommended Video: Now Playing: Tesla will release earnings after the market closes Wednesday. While investors will be watching production numbers and cash burn, CEO Elon Musk is watching short-sellers. In his crosshairs is hedge fund manager David Einhorn, who said his wrong bet that Tesla stock would fall was a big reason for his fund’s poor performance in the second quarter. Musk took a jab at Einhorn on Twitter Wednesday, offering to buy him a box of “short shorts.” Media: Cheddar TV The company reported an adjusted loss per share of $3.06 (-$2.90 expected), while revenue topped estimates at $4 billion ($3.97 billion forecast). The results were highly anticipated, following an eventful quarter for the electric-car and solar-panel maker. Tesla recently pushed back the delivery timelines for new orders of two of three versions of its Model 3… [Read full story]




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