Tesla Inc. (NASDAQ:TSLA) missed forecasts yet again. Although the company did deliver 63,000 vehicles during the quarter, which was more than double the amount that it did a year ago, it was still lower than the 75,000 deliveries that analysts were expecting. For the full year, Tesla still plans to deliver between 360,000 to 400,000 vehicles.
However, the company has had a history of missing the mark, and as we saw this past quarter, there's no guarantee that Tesla will be able to meet those aggressive targets, especially being off to a slow start.
Tesla noted that the lower deliveries as well as "several pricing adjustments," will adversely impact the company's Q1 numbers. Although the company did assure investors that it had "sufficient cash on hand."
Unsurprisingly, Tesla's stock dropped on the news released earlier in the week and year to date is now down around 20%. The stock is a shadow from where it was last year when it looked like it was closing in on $400 a share before a tweet sent the stock spiralling. Although the company was able to recover, it has proven to be a very volatile one, and it's going to need some strong results this year if it wants to get back to those highs.
The good news for investors is that Tesla has produced a positive net income figure for two straight periods and has seen impressive revenue growth as well. The stock is still not near its 52-week low, but for bullish investors, it might be a good time to consider buying the stock on the dip.
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