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Tesla reports 3Q loss

Tesla reports 3Q loss

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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
Anand Gupta Editor - EQ Int'l Media Network

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