Shares of Tesla Motors Inc TSLA were trading up more than 5 percent on Wednesday’s after-hours session, following the announcement of the company’s first quarter financial results. The electric vehicles maker reported a net loss of ($0.57) per share, beating the Street’s consensus by $0.01, on revenue of $1.6 billion, up 45.5 percent year-over-year, but still in-line with expectations.
Management said it still anticipates it will deliver 80K to 90K units in 2016; however, the second half of the year is expected to be harsh, with only 17K deliveries.
Among the most encouraging first quarter figures were, a 45 percent year-over-year rise in Model S orders, the automotive margin of 20 percent, and the 160 percent surge in services and other revenue, which reached $121 million for the three-month period.
On the other hand, some investors were worried about the fact that the company said it was re-evaluating its level of capital expenditures, and expects it to be roughly 50 percent higher than they had previously expected for 2016; original guidance was for $1.5 billion in capex.
Other concerning news included the management’s expectation for the need of extra capital to open the Gigafactory ahead of expectations, and the advancement of the target date to hit production of 500K Model 3 cars by 2 years to 2018 – production will commence in late 2017.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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