Tesla First Quarter 2019: Electrifying Loss
COXS Journalist Comments:
From Karl Brauer, Executive Publisher at Kelley Blue Book and Autotrader:
"Everyone expected a Q1 loss for Tesla, but nobody expected it to be this big. What’s interesting is how there really isn’t a single, substantial factor driving this. Instead it’s a combination of smaller factors coming together. You have the tax rebate loss. You have the initial rush of Model 3 demand fully satiated. And you have the increased level of Tesla alternatives. None of these issues, by themselves, would cause the severe drop in sales and revenue Tesla experienced in Q1, but the combination was powerful. Even more troubling? None of these issues are going away. This is the new normal for Tesla."
Tesla misses big on first-quarter earnings as demand fell for its electric cars
New York April 24, 2019; CNBC reported that Tesla said it had a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1.
Here’s what Tesla reported, versus what analysts expected based on average estimates compiles by Refinitiv:
Loss per share on an adjusted basis: $2.90 versus 69 cents expected
Revenue: $4.54 billion versus $5.19 billion expected
On an unadjusted basis, Tesla lost $702.1 million, or $4.10 a share during the quarter ended March 31, compared with a loss of $709.6 million, or $4.19 a share during the same period last year.