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.
