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Tesla reports loss of more than $408 million for 2nd quarter

Tesla Inc. on Wednesday reported a loss of $408.3 million in its second quarter. On a per-share basis, the Palo Alto, California-based company said it had a loss of $2.31. Losses, adjusted for stock option expense, were $1.12 per share.

Loss amounted to $2.31 per share

The Associated Press ·
In this July 19, 2019, photo people wait inside their Tesla vehicles at a Tesla Supercharger site in Charlotte, N.C. On Wednesday, July 24, 2019, Tesla, Inc. reported loss of more than $408 million for the second quarter. (Chuck Burton/The Associated Press)

Tesla Inc. on Wednesday reported a loss of $408.3 million in its second quarter.

On a per-share basis, the Palo Alto, California-based company said it had a loss of $2.31. Losses, adjusted for stock option expense, were $1.12 per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.

The electric car maker posted revenue of $6.35 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $6.38 billion.

Tesla shares have fallen 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $264.88, a decrease of 11% in the last 12 months.

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