Tesla Falls After Q2 Earnings Miss

Tesla Inc. TSLA missed second-quarter Street estimates for revenue and earnings, sending its stock price plummeting in Wednesday's after-hours trading.

The electric car company reported a second-quarter loss of $1.12 per share on revenue of $6.35 billion. The number was below analysts’ estimate of a 48 cent per-share loss and $6.43 billion in revenue.

In the same quarter last year, Tesla reported a loss of $3.06 per share.

Deliveries

One of the most watched quarterly figures for Tesla had already been announced earlier. Earlier this month, Tesla said it delivered 95,200 total vehicles in the second quarter, ahead of Wall Street’s estimate for 91,000. That was the biggest beat in at least three years, according to FactSet.

Tesla also reported it generated $614 million in free cash fllow.

Guidance

Tesla said it remains on track to launch local production of its Model 3 in China by the end of the year and its Model Y In California by fall of 2020.  It reaffirmed its fiscal year 2019 deliveries guidance of 360,000 to 400,000 units. Tesla said it sees fiscal 2019 capex of $1.5 billion to $2 billion.

Tesla shares were down 10.4% in after-hours trading to $237.16. The stock closed at $264.88.

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