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Tesla Takes a Tumble: Q3 Earnings Fall Well Below Expectations

Loss comes despite increased revenues.

by on Nov.01, 2017

Tesla's CEO Elon Musk had to deliver more bad news today: the company lost more money than expected last quarter.

Tesla delivered more bad news on Wednesday, shortly after the bell sounded to end the day’s trading on Wall Street, announcing it lost $2.92 a share for the quarter. That was well below the $2.45 a share deficit that a consensus of industry analysts had forecast, according to Thomson Reuters.

One reason for the weak numbers was the trouble Tesla has been having with the launch of its Model 3, the company’s first mainstream battery-electric vehicle. While final sales weren’t released, industry sources said the figure was expected to be in the “low three digit” range, meaning the much-anticipated model was vastly outsold by General Motors’ own affordable, long-range battery-electric vehicle, the Chevrolet Bolt hitting a record of 2,781 sales in October.

Industry News!

The news wasn’t entirely bad for Tesla, however, the carmaker reporting revenues for the third quarter of $2.98 billion, a record, and up from the consensus forecast of $2.95 billion. (more…)