Tesla Posts Wider Q3 Loss, Projects Rise In Deliveries

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.