Tesla Loses 10% After Q4 Results
Electronic car manufacturer Tesla (NASDAQ: TSLA) released its fiscal fourth-quarter earnings results after the closing bell on Wednesday.
During Thursday's trading session, TSLA was last trading down around 10 percent to $34.67 in the wake of the report. The Palo Alto-based company reported a wider than expected loss, although revenue was ahead of Wall Street estimates.
Tesla, despite being an early stage company with limited revenue, has been a solid stock since going public in July 2010. Since TSLA's first trading day, the shares are up roughly 80 percent.
The company currently has a generous market-cap of almost $4 billion as investors bet that Tesla will be a leading electronic car manufacturer as that market grows.
For the quarter, the company reported a net loss of $89.9 million or $0.79 per share, compared to a net loss of $81.5 million or $0.78 per share, in last year's corresponding quarter.
On an adjusted basis, Tesla's net loss was $74.6 million or $0.65 per share, versus a net loss of $72.2 million or $0.69 per share, last year. This compared to consensus estimates calling for a loss of $0.53 per share.
Total sales in the quarter were up to $306.33 million from $39.38 million in last year's fourth-quarter. This beat analysts' consensus revenue estimates of $298.40 million.
Despite Thursday's roughly 10 percent loss, TSLA is still positive on the year, adding a little better than 3 percent.
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