Tesla is gaining after beating earnings expectations (TSLA)

pulse

February 7, 2018 3:56 PM

CEO Elon Musk has a history of not being able to live up to grandiose forecasts for the electric car maker,

The company lost $3.04 per share on revenues of $3.29 billion.

After gaining 3.5% in trading Wednesday, shares of Tesla are up another 3% in after-market trading Wednesday after the electric car maker reported earnings that beat Wall Street’s expectations.

The company said it lost an adjusted $3.04 per share, on revenues of $3.29 billion — analysts had expected a loss of $3.16 per share on revenues of $3.28 billion. Tesla also reaffirmed its forecast for Model 3 production through the second quarter.

Tesla has historically missed key production deadlines, delivering just half of the cars analysts expected last month,yet its stock price continues to climb.

In January, CNBC reported that production of its Model 3 sedan could be even further delayed thanks to an ongoing battery assembly issue. Tesla denied the reports.

"2018 will be a transformative year for Tesla, with a high level of operational scaling,"CEO Elon Musk said in a press release. "As we ramp production of both Model 3 and our energy products while keeping tight control of operating expenses, our quarterly operating income should turn sustainably positive at some point in 2018."

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