Tesla stock surges despite record loss as Elon Musk apologizes to analysts
Tesla’s stock price soared in after-hours trading Wednesday despite reporting a record $717.5m loss for the second quarter of 2018, as its chief executive, Elon Musk, appeared to restore investor confidence with an apologetic and restrained performance on an analyst call, the Guardian reports.
Tesla shares rose more than 9% in after hours trading despite the $3.06-per-share loss, as the company logged $4bn in revenue and forecast additional increases to its production capacity and profitability in the second half of the year.
“We believe we can be sustainably profitable from Q3 onwards,” Musk said on the call, as he boasted of “viral growth” of sales and a “mind-blowing leap forward” in vehicle production.
Tesla produced 53,339 vehicles in the quarter and delivered 40,768.
The financial results capped a turbulent period for Tesla, which achieved a crucial manufacturing milestone at the end of June by producing 5,000 Model 3 cars per week. But the company made headlines throughout the spring and summer for all the wrong reasons, largely due to outbursts from Musk.
Notable among those was the first-quarter analyst call in May, when an agitated Musk accused Wall Street analysts of asking “boring bonehead questions” and ignored institutional investors in favor of a YouTuber.
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