American manufacturer of electric vehicles and solar panels Tesla Inc. received a GAAP operating loss of $ 167 million and a GAAP net loss of $ 408 million, or $ 2.31 per share. Tesla had a net loss of $ 717.5 million in the second quarter last year.
As can be seen from the company's report published on Wednesday, July 24, its losses have decreased, but not as expected by market analysts. Analysts surveyed by FactSet predicted an average adjusted loss of 35 cents per share on $ 6.5 billion in revenue.
Tesla set a record for shipments in Q2 2019, shipping 95,356 vehicles to consumers and record production of 87,048 vehicles, up from 91,000 and 86,600 in the previous quarter.
Tesla CEO Elon Musk told analysts that the company expects to break even by the end of the current quarter, Dow Jones writes.
He confirmed its earlier forecast for car sales in 2019, according to which the company intends to supply from 360 thousand to 400 thousand cars, which will represent an increase of 45-65 percent compared to last year.
“We are working to increase our supply consistently and annually, with some expected seasonal fluctuations. In addition, we expect positive quarterly free cash flow with possible temporary exceptions, especially during the launch and ramp-up of new products. We continue to strive for positive GAAP net income for the third quarter and subsequent quarters, ”the report says.
In early July, Tesla reported a 51.1 percent increase in shipments in the second quarter of 2019 from the previous three months. Tesla shares plunged 11 percent during additional trading on Wednesday. The company's capitalization has dropped by more than 20 percent since the beginning of this year, to $ 45.43 billion.
