Tesla second-quarter revenue misses, shares tumble 11%
(Reuters) - Tesla Inc on Wednesday reported lower-than-expected revenue and a fall in gross margins for the second quarter, sending its shares down nearly 11% in extended trading. Total revenue rose 58.7% to $6.35 billion in the three months ended June 30, less than the $6.41 billion estimated by analysts, according to IBES data from Refinitiv. Tesla said it is aiming for profit in the current quarter but its main focus will be to increase volume, expand capacity and generate cash.
(Reuters) - Tesla Inc
Total revenue rose 58.7% to $6.35 billion in the three months ended June 30, less than the $6.41 billion estimated by analysts, according to IBES data from Refinitiv.
Tesla said it is aiming for profit in the current quarter but its main focus will be to increase volume, expand capacity and generate cash.
Striving to improve margins and post a profit later this year, Tesla has laid off workers and pledged to close some stores to lower costs. It has also tinkered with its pricing and dropped some model variants in recent months..
The company also said it was looking to produce 10,000 vehicles of all models per week by the end of 2019.
Tesla made good on Musk's promise of delivering record number of electric cars in the second quarter, citing improved logistics system, and temporarily quelling fears about demand for its cars.
Total gross margins dipped to 14.5% from 15.5% a year earlier.
Net loss attributable to common shareholders was $408.3 million, or $2.31 per share, in the latest quarter, compared with $717.5 million, or $4.22 per share, a year earlier.
(Reporting by Vibhuti Sharma in Bengaluru and Alexandria Sage in San Francisco; Editing by Anil D'Silva)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.