The Strategist

Tesla stocks collapse due to loss in Q2

07/25/2019 - 10:34

The American manufacturer of electric cars and solar panels Tesla Inc reduced the size of the loss in the second quarter of 2019, but the figure did not meet analysts' expectations.

cchana via flickr
cchana via flickr
Tesla stock quotes collapsed by 11% during additional trading on Wednesday. Since the beginning of this year, the company's capitalization has fallen by more than 20% to $ 45.43 billion.

According to a press release of the company, its net loss in April-June amounted to $ 408.3 million, or $ 2.31 per share, compared with $ 717.5 million, or $ 4.22 per share, for the same period last year. The loss excluding one-time income and expenses decreased to $ 1.12 per share from $ 3.06.

The company's revenue rose to $ 6.35 billion against $ 4.002 billion a year earlier.

Analysts polled by FactSet, on average, predicted an adjusted loss of 35 cents per share on revenue of $ 6.5 billion.

Meanwhile, Tesla's head Elon Musk told analysts that the company expects to break even at the end of the current quarter, Dow Jones reports.

He confirmed the previously made forecast of car sales in 2019, according to which the company intends to supply from 360 thousand to 400 thousand cars, which will make an increase of 45-65% compared to last year.

In early July, Tesla reported an increase in deliveries of 51.1% in the second quarter of 2019, compared to the three previous months. In April-June, the company delivered 95.2 thousand cars, while the figure surpassed analysts' expectations and became a record.