Tesla rallies after reporting better-than-expected quarterly revenue

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• Tesla
  on Wednesday reported second-quarter losses that were greater
  than Wall Street’s expectations.
• Shares dipped immediately after the release, before
  rallying back into the green in after-hours trading.
• Revenues beat expectations, and cash burn
  slowed. 
• 
  Follow
  Tesla’s stock price in real-time here.
  

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Shares of Tesla rose as much as 3.8% in after-hours trading
Wednesday following the electric car maker’s second-quarter
earnings report that showed a greater loss than what Wall
Street had expected, on better-than-anticipated revenues.

Here are the key numbers:

Earnings: -$3.06 per share (-$2.90 expected)

Revenue: $4.0 billion ($3.97 expected)

Cash burn — a key metric for Tesla as it seeks to become
profitable this year — was $739.5 million, down slightly from
$745.3 million last quarter.

“It’s fair to say that no production ramp of any other product
has been as closely watched and debated as that of Model 3. We
are proud of our team for producing roughly 7,000 Model 3, Model
S and Model X vehicles during the last week of June,” Elon Musk,
Tesla’s founder and chief executive,
said in a letter to shareholders.

“We also want to thank all of our reservation holders who have
waited patiently and who have been supportive of our mission.
While we faced multiple obstacles during this ramp, our team
worked hard to find solutions, and in the end, it was all worth
it.”

The company maintains that if it can keep up this production rate
of 7,000 vehicles per week (or 350,000 per year) it can become
profitable this year, as previously forecast. 

A conference call is scheduled for 5:30 p.m. ET. Last quarter,
Musk made headlines by
interrupting and ignoring several questions from Wall Street
analysts whom he said represented sell-side investment
theses. 

Tesla gained 1.1% in trading Wednesday and down 5.8% since the
beginning of 2018 before the earnings release. 

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