Tesla said it lost $408 million in the second quarter, compared with a loss of $702 million in the first quarter when sales slumped as the company struggled with logistical challenges, including getting thousands of its Model 3 sedans to Europe and China
Tesla surprised many analysts and investors earlier this month when it said it delivered a record 95,200 cars in the second quarter, a roughly 50% increase from the first three months of the year. The news lifted its sagging stock price as well as the spirits of its customers and many fans.
On Wednesday afternoon, the company said that surge in sales also lifted its bottom line. Tesla said it lost $408 million in the second quarter, compared with a loss of $702 million in the first quarter when sales slumped as the company struggled with logistical challenges, including getting thousands of its Model 3 sedans to Europe and China.
The second-quarter loss amounted to $2.31 per share. Revenue jumped to $6.3 billion, from $4.5 billion in the first three months of the year.
Both figures came in below Wall Street’s expectations. Analysts had expected a loss of $1.27 per share and revenue of $6.5 billion, according to FactSet. Tesla shares fell about 10% in extended trading. Before the earnings report, the stock had closed at $264.88, up 1.8%.
Tesla said its chief technical officer, J.B. Straubel, would step down and become a senior adviser to the company. He will be replaced by Drew Baglino, currently Tesla’s vice president of technology.
Straubel is the latest and most senior executive to leave a company that has lost many top managers over the past few years. He was part a group of employees who joined the company at its founding, and has overseen the engineering and technical design of its vehicles. Two of Tesla’s top manufacturing and technical executives, Peter Hochholdinger and Steve MacManus, also left the company recently.
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