Tesla reports 3Q loss
PALO ALTO, Calif. (AP) — Tesla Inc. (TSLA) on Wednesday reported a third-quarter loss of $619.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Palo Alto, California-based company said it had a loss of $3.70. Losses, adjusted for stock option expense and costs related to mergers and acquisitions, were $2.92 per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of $2.45 per share.
The electric car maker posted revenue of $2.98 billion in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $2.92 billion.
Tesla shares have risen 50 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $321.08, an increase of 68 percent in the last 12 months.
Source: tucson
