Tesla Shares Rise After Strong Q1 Results

Shares of

rose over 2 percent in after-hours trading after the company reported a narrower-than-expected loss for the first quarter. The Palo Alto, California-based company reported a quarterly net loss of $154 million, or $1.22 per share, versus a year-ago loss of $50 million, or $0.40 per share. Tesla posted an adjusted loss of $0.36 per share in the latest quarter, versus adjusted earnings of $0.12 per share in the year-earlier period year ago. Its adjusted revenue climbed 55 percent to $1.1 billion, while GAAP revenue rose to $940 million from $621 million. However, analysts were expecting a loss of $0.50 per share on revenue of $1.04 billion. The average estimate among 149 Estimize users was for a loss of $0.25 per share and revenue of $1.10 billion. Its services and other revenue climbed 47 percent year-over-year to $46.6 million. Automotive revenue on a non-GAAP basis came in at $1.06 billion in the latest quarter. The company had $1.51 billion in cash and cash equivalents at the end of the quarter. Tesla delivered 10,045 Model S vehicles in the first quarter. The company expects production of 12,500 vehicles in the second quarter. Tesla shares gained 2.56 percent to $236.33 in the after-hours trading session.