Tesla managed to rev up its vehicle production and deliveries last quarter. But as financial results show, that came at shareholders’ expense. The road to sustained profitability remains unclear, writes AntonyMCurrie.
Tesla reported a second-quarter loss of $408 million after U.S. stock markets closed on July 24. At $2.31 a share in the red, the company’s performance was worse than the mean sell-side analyst estimate of a loss of $1.45 a share, according to data from Refinitiv. Excluding restructuring charges, Tesla lost $1.12 a share, compared with a mean adjusted estimated loss of 40 cents.
Revenue of $6.3 billion was just shy of the estimated $6.4 billion. The company ended the quarter with almost $5 billion in cash, compared with $2.2 billion at the end of March. Excluding the $2.4 billion raised from equity and convertible-bond investors in May, cash on hand rose by $400 million.
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