By Deepta Bolaky
Tesla, the electric car maker, reported its second-quarter earnings on Wednesday in late US trading hours. Despite record production and deliveries, Tesla missed revenue estimates. The company reported a net loss of $408 million. Its share price fell by more than 20% since the beginning of the year after reaching a high of $380.
Source: Bloomberg Terminal
After the release of the second-quarter results, we saw a drop of 12% in the after-trading hours.
Despite the wider-than-expected loss, the company reported a recovery compared to the first quarter:
Even though the earnings missed expectations, the company has improved, generated free cash flow and is sitting on more capital.
“This quarter, we are simplifying our approach to guidance. We are most focused on expanding our manufacturing footprint in new regions, launching new products and continuing to improve the customer experience, while generating and using cash sustainably.”
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