Tesla shares jump on narrowed 2Q loss
DETROIT (AP) — Tesla is reporting a narrower loss for the second quarter, and shares of the electric car maker are soaring in after-hours trading.
The Palo Alto, Califiornia, company said it lost $30.5 million, or 26 cents per share, in the April-June period. That compares with a loss of $105.6 million, or $1 per share, a year earlier.
Excluding one-time items and lease accounting, Tesla says it had a profit of 20 cents per share.
Analysts had expected a loss of 19 cents per share.
Revenue rose to $405.1 million from $26.6 million a year ago. That beat analysts’ forecast of $386.9 million.
Tesla Motors Co. said it delivered 5,150 Model S sedans in the quarter, surpassing its expectation for 4,500.
Tesla’s shares jumped 13 percent to $151.18 in after-hours trading.