Market Overview

Tesla Posts Wider Q3 Loss, Projects Rise In Deliveries

Share:

Tesla Motors Inc (NASDAQ: TSLA) reported a wider-than-expected loss for the third quarter on Tuesday. However, the company projected higher deliveries for the current quarter.

The Palo Alto, California-based company posted a quarterly net loss of $229.9 million, or $1.78 per share, versus a year-ago loss of $74.7 million, or $0.60 per share. Excluding items, the company lost $0.58 per share in the latest quarter.

Its total revenue climbed 10 percent to $936.8 million, while non-GAAP revenue surged 33 percent to $1.24 billion. However, analysts were expecting a loss of $0.50 per share on revenue of $1.26 billion.

During the quarter, Tesla delivered 11,603 vehicles.

At the end of the quarter, the company had $1.4 billion in cash and cash equivalents.

The company expects to deliver 17,000 to 19,000 vehicles for the fourth quarter, compared to 11,603 in the third quarter. It projects to deliver 50,000 to 52,000 in the year.

Tesla shares jumped 8.95 percent to $227.00 in the after-hours trading session.

Posted-In: lossEarnings News Guidance

 

Related Articles (TSLA)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com