Tesla (NASDAQ:TSLA) unveiled its latest quarterly earnings late on Wednesday, which left something to be desired as the company’s loss was wider than projected, while its sales were below Wall Street predicted, pushing TSLA stock a double-digit percentage after hours.
The San Carlos, Calif.-based electric car maker said that for its second quarter of 2019, its loss came in at $1.12 per share on an adjusted basis, while analysts forecasted an adjusted loss of 40 cents per share, according to data compiled by Refinitiv. This loss did narrow considerably when compared to the year-ago quarter, when the brand posted an adjusted loss of $3.06 per share.
Tesla added that for the period, it brought in revenue of $6.35 billion, about 58.8% higher than its sales of $4 billion from the year-ago quarter. Wall Street called for sales of $6.41 billion for the three months, according to data amassed by a survey conducted by Refinitiv.
On the bright side, the company reiterated its delivery guidance for the fiscal year, which is still in the range of 360,000 to 400,000 vehicles in 2019, most of which are Model 3s. During the first six months of the year, Tesla delivered about 158,200 of its cars to customers.
The business is also seeking to begin the production of the Model 3 in China by the end of 2019, which will pave the way for lower costs to deliver to customers there. This would also aid the company with local regulatory credits.
TSLA stock is down about 10.1% after the bell Wednesday. Shares had been gaining 1.8% during regular trading hours.