Despite a reported record number of deliveries, Tesla has posted disappointing results on both top and bottom lines in the second quarter. Shares of Tesla have also fallen by 10.17%, leaving them at $237.95 during extended trading.
The company reported earlier this month that they had delivered 95,356 vehicles this quarter, a record number for the company. But despite this, they made a loss of $408 million in that same three month period according to their latest report.
Tesla reported a profit in both the third and fourth quarters of 2018. However they then returned a loss at the start of this year.
CEO Elon Musk spoke with investors in a call on Wednesday. During this call he claimed that he expects to see Tesla “probably around breakeven this quarter and profitable the next.”
In terms of the main numbers from the Tesla report we can see revenue at $6.35 billion, compared with Estimate by Bloomberg of $6.44 billion. Adj. loss was at $1.12 a share compared with 31 cents from the Bloomberg estimate.
These results will come as a disappointment to the company after reportedly posting record. Clement Thibault, a senior analyst at Investing.com, had this to say: “Overall, a bad report that will inevitably lead to more questions about its ability to stabilise and turn a profit.”
Perhaps the results in the report explain this tweet from CEO Elon Musk earlier this week.
Technically, alcohol is a solution— -1 (@elonmusk) July 21, 2019
Has Elon Musk decided to drown his sorrows after seeing the latest Tesla report?