Shares of Tesla Jump Nearly 8% on Upbeat Earnings and Rising Delivery Forecasts
Aug, 03rd 04:54
Shares of Tesla Inc. rose as high as 8 percent in late trade on Wednesday after the car market reported sales above Wall Street expectations and predicted increased Model S deliveries in the second half of 2017.
Tesla’s shares jumped as much as 7.45 percent to trade at $350.16 in after-hours trading after ending the regular session up 2%. Tesla reported that it lost $336.4 million or $2.04 a share in the second quarter, which was larger than a loss of $293.2 million, or $2.09 a share recorded one year ago.
However, adjusted for one-time items, Tesla lost only $1.33 a share, well below $1.61 a share a year ago and analysts’ expectation for a loss of $1.88 a share. Besides a narrower-than-expected second-quarter loss, the Silicon Valley car maker posted revenue of $2.8 billion, up from $1.3 billion a year ago and beating forecast of $2.52 billion in revenue.
Tesla claimed that Model S demand was increasing, and therefore, Model S and X deliveries are expected to rise in the second half of 2017.
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