- Tesla is scheduled to report first-quarter earnings after Wednesday’s closing bell.
- CEO Elon Musk told investors in February that Tesla was unlikely to turn a profit in the first-quarter, reversing his prior forecast.
- Shares have fallen 21% this year amid concerns around underlying demand for Tesla’s vehicles.
- Watch Tesla trade live.
Tesla shares slipped in after-hours trading on Wednesday after the electric-car maker reported first-quarter results that missed analysts’ profits and sales expectations.
Here’s what Tesla just reported, compared with what analysts polled by Bloomberg expected.
- Adjusted loss per share: $US2.90 versus $US1.30 expected.
- Revenue: $US4.54 billion versus $US4.84 billion expected.
Morgan Stanley auto analysts earlier this month described the first-quarter as one Tesla “may want to forget.”
The beginning of 2019 has been dotted with a legal battle between CEO Elon Musk and the Securities and Exchange Commission, disappointing first-quarter deliveries, a plunging stock, employee layoffs, and a concern among Wall Street analysts that underlying demand has faltered.
Musk warned earlier this year that Tesla probably wouldn’t turn a profit in the first quarter, reversing his prior forecast. He does expect Tesla to achieve profitability in the second-quarter, however.
Ahead of Tesla’s results, short-sellers had appeared to ramp up their bets against the company, according to the financial-analytics firm S3 Partners. Short interest in the name now hovers around the highest level of the year, the firm’s data showed.
At the same time, Wall Street analysts have become increasingly negative on Tesla, with the number of “sell” ratings on Wall Street topping “buys.” According to data compiled by Bloomberg, 15 suggest “sell,” 13 say “buy,” and eight recommend “hold.”
Tesla shares fell 2% on Wednesday, bringing the stock’s 2019 losses to 21%.
Markets Insider is covering Tesla earnings live. Check back for updates.
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