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Tesla posts better-than-expected Q1 results

Tesla (TSLA) today reported 26% jump in Q1 revenue to $3.4 billion, beating analysts’ estimates. The adjusted net loss for the quarter came in at a better-than-expected $568 million, or $3.35 per share. Analysts had expected quarterly revenue of $3.22 billion and a net loss of $3.58 per share.
On a GAAP basis, the company’s net loss widened to $784.6 million, or $4.19 per share, versus $397.2 million, or $2.04 per share in the prior-year period.
The Elon Musk-headed company reiterated its projection; positive GAAP net income and positive cash flow in Q3 and Q4 2018, even as its cash reserves declined 21% to about $2.67 billion.
Tesla said Model 3 production hit 2,270/week in April. The company had earlier warned that it would miss the weekly production target of 2,500 Model 3s in Q1 and 5,000 Model 3s in Q2. Deliveries were impacted by two production delays during the quarter caused by “problems relating to excessive automation.”
Meanwhile, the company once again maintained its optimism of achieving its weekly production target of 5,000 Model 3s in the coming two months. Tesla also reiterated its long-term gross margin target of 25% for Model 3.
Full article: Tesla posts better-than-expected earnings in Q1 | AlphaStreet


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