Tesla Shares Higher After Wider Q1 Loss, Revenue Beat

By Claudia AssisMarketsMarketWatch Pulse

Tesla Inc. shares rose 0.5% late Wednesday after the company posted a wider-than-expected adjusted quarterly loss but beat revenue expectations. The Silicon Valley car maker said it lost $330 million, or 2.04 a share, in the first quarter, compared with $282 million, or $2.13 a share, in the year-ago period. Adjusted for one-time items, Tesla reported a loss of $1.33 a share, compared with $1.46 a share a year ago. Revenue reached $2.7 billion in the quarter, compared with $1.15 billion a year ago. Analysts polled by FactSet had expected Tesla to report adjusted per-share loss of 82 cents on sales of $2.61 billion. Tesla kept its forecast of 47,000 to 50,000 vehicles delivered in the first half of the year, but shied away from a second-half prediction, saying it will wait after it starts producing the first handful of Model 3 sedans in July. The stock had ended the regular trading day down 2.6%.

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