Tesla lost $702 million last quarter, ending its two-quarter profit streak
The electric car company said Wednesday that it lost $702 million last quarter. Wall Street was already bracing for what one analyst called an"apocalyptic" results — but the results were still far worse than expected. While the company has posted big losses of this size before, analysts surveyed by Refinitiv predicted that Tesla would be about $301 million in the red for the quarter. The actual number was more than double that amount.
Tesla had posted back-to-back profits in the previous two quarters. Last quarter, for example,Tesla recorded a profit of $139 million on sales of $7.2 billion.The company already revealed earlier this month that it delivered about 63,000 vehicles to customers in the first three months of 2019 — a 31% drop compared to the prior quarter, and the single largest decline Tesla has ever reported.
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