Tesla sinks as it continues to burn through cash
Shares of Tesla are down 4.5% at $261.27 per share following Wednesday's earnings report.
The electric car maker announced an adjusted loss of $0.69 per share on revenue of $2.28 billion. Those numbers were both better than Wall Street expectations of a $1.04 loss on revenue of $2.13 billion. However, those analyst expectations might not have factored in the impact of SolarCity, which Tesla acquired in November.
Additionally, the company continued to burn through cash, losing $448 million from operating activities in the fourth quarter.
Tesla's guidance was lukewarm and ambiguous, saying it would deliver between 47,000 and 50,000 Model X vehicles in the first half of the year. It didn't give guidance for the full year.
Thursday's slide is a welcome sign for short sellers in the stock who have been getting steamrolled as of late. They had lost more than $2.3 billion betting against the stock as it continued to rip higher at the start of 2017.
Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Banks' GNPAs set to improve further to 2.1 pc by FY25: Care Ratings
- FPIs make remarkable comeback, infuse ₹2 lakh cr in FY24
- PM Modi and Bill Gates discuss AI, climate change, millets and more
- Consuming excessive salt and inadequate potassium, protein is making North Indians prone to life-threatening diseases: Study
- Upcoming cars and two-wheelers launching in India in April 2024