Tesla news has been dominating Silicon Valley over the last few weeks and today’s earnings report released after the close of the market hasn’t shaken fundamental views about the company.
The energy company born out of an automobile company reported non-GAAP Q2 revenue of $1.56 billion up from last year’s Q2 revenue of $1.2 billion. The company came close but ultimately missed analyst estimates of $1.6 billion.
Tesla closed down 0.62 percent today at $225.79. After the news was released, Tesla shares moved up almost instantly in after-hours trading after the news dropped but have been fluctuating up and down by 2 percent since.
Wall Street analysts expected an adjusted net loss of $52 cents a share but found themselves with a worse than expected loss of $1.06 per share.
Tesla delivered 14,402 new vehicles consisting of 9,764 Model S and 4,638 Model X in Q2, slightly ahead of last month’s estimates.
Tesla had originally aimed to deliver 80,000 vehicles by the end of the year. It is growing tougher by the day for the company to hit that goal. On the bright side, the company noted that almost half of Q2 production occurred in the final four weeks of the quarter.
Investors have expressed angst as Tesla has moved forward on plans to acquire SolarCity and pivot into a vertically integrated energy and transportation company.