Tesla stock down after company reports wider-than-expected loss, revenue miss
Tesla Inc. posted a wider-than-expected adjusted loss in the first quarter, sending the stock to a 2% decline in the extended session Wednesday.
Tesla ended the quarter with $2.2 billion, $1.5 billion less than in the end of 2018, thanks to a $920 convertible-bond payment and an increase in the number of vehicles in transit to customers at the end of the first quarter, the company said in a letter to shareholders. Tesla reaffirmed its prior outlook of delivering 360,000 to 400,000 vehicles this year, and said that vehicle production would be “significantly higher” than deliveries. It said it continues to target a 25% non-GAAP gross margin on Model S, Model X and Model 3.
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