Tesla stock tanks after earnings loss proves far worse than expected
The never-ending roller coaster that is Tesla’s stock price did its thing again today after the electric-car maker posted a worse-than-expected earnings loss for the second quarter of 2019.
Tesla reported a loss per share of $1.12, compared to a consensus estimate of only 40 cents cited by CNBC. The company said it lost $408 million in Q2, including $117 million in restructuring and other charges, which is still significantly better than the loss of $702 million Tesla saw in the year’s first quarter. The narrowed losses were thanks to its record-setting delivery of 95,356 vehicles and record production of 87,048 vehicles.
Still, profitability has proven elusive for Elon Musk’s company, and Wall Street is noticing. Shares of Tesla stock fell more than 10% in after-hours trading.
You can read all the highlights of Tesla’s earnings report here.