The problems facing electric car manufacturer Tesla Inc. (NASDAQ:TSLA) appear to be worsening as the company reported a loss of $408.3 million in its second quarter.
On a per-share basis, the Palo Alto, California-based company said it had a loss of $2.31. Losses, adjusted for stock option expense, were $1.12 per share. The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.
The electric car maker posted revenue of $6.35 billion in the period, which also fell short of analysts’ forecasts. Six analysts surveyed by Zacks expected $6.38 billion in revenue.
Tesla shares have fallen 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $264.88, a decrease of 11% in the last 12 months.
