Tesla Results Beat the Street; Shares Jump
Tesla Motors Inc. reported a narrower second-quarter loss and the Palo Alto, Calif., electric car maker’s improved gross margins and increased production beat most Wall Street analysts’ expectations, sending shares higher in after hours trading.
Tesla posted a $30.5 million net loss, or 26 cents a share, compared with a year-earlier loss of $105.6 million, or $1 a share. Excluding stock-based compensation and other impacts, Tesla reported an adjusted profit of 22 cents compared to a prior-year loss of 89 cents. Wall Street was expecting a loss of 17 cents a share.
