Tesla reported Wednesday a loss of $408 million, or $1.12 per share, and generated $6.3 billion in revenue in the second quarter despite record deliveries.
Tesla shares fell 11% after the report was posted.
Earlier this month, Tesla reported it delivered 95,200 of its electric vehicles in the second quarter, a dramatic reversal from a disappointing first period. Those numbers have been since adjusted to 95,356 vehicles. The record-breaking figures stood in stark contrast to the company’s first quarter delivery numbers when it reported deliveries of 63,000 vehicles, nearly a one-third drop from the previous period. Analysts surveyed by FactSet were expecting an adjusted loss of 35 cents a share on revenue of $6.47 billion. The net loss included a $117 million of restructuring and other charges, the company said in its earnings report. Developing