According to TechCrunch, analysts expected the company to have a report of $3.22 billion United States dollars revenue with stock losses at $3.48 per share.
Shares of the electric auto maker went down by approximately 1% during after-hours trading, after closing at $301.15 on Wednesday.
Sales of batteries and solar panels clocked in at $410 million, a 92 percent year-over-year jump from the $214 million reported last year. The company now enters Q2 2018 with a cash balance of about US$2.7 billion, a figure that is about 20.8% less than what it had at the end of 2017 (about US$3.4 billion).
Tesla also did better on revenue than expected.
During the testy call Musk conceded the criticism was valid but insisted the company will make money and achieve a positive cashflow in Q3.
The losses aren't due to lack of demand.
This is basically all par for the course at Tesla.
In the course of the conversation, Musk repeated his complaints about reports focusing on fatalities involving Tesla cars.
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Tesla's market cap is now $50.9 billion, making it the second-most valuable U.S. automaker behind General Motors Co.
Including other models, 24,728 Model S and X and 9,766 Model 3 vehicles were produced in Q1 2018, with 21,815 Model S and Model X vehicles and 8,182 Model 3 vehicles being delivered to customers. If you consider deposits are a flat $1,000 then it's fairly easy to surmise that they have over 900,000 preorders. Revenue beat estimates of $US3.28 billion.
"This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week", the company stated.
How soon? That's a regulatory issue, not a technological one, Musk replied.
The demand is simply unprecedented for "premium" mid-size sedans. Buyers plunk down $1,000 to reserve a Model 3. Tesla released the following chart along with a letter to shareholders in today's earnings statement.
The reason why the production levels of the Model 3 matter is because Tesla needs a mass-market success.
However, as seen by the quarter's cash bleed this is simply not enough.
The eccentric South African-born entrepreneur has said he "sleeps at the factory" in an attempt to honour his promise to produce 5,000 Model 3s a week. This number is specifically called out numerous times and Tesla is very confident now it can reach that number by the end of July. Excluding one-time expenses such as stock-based compensation, the company lost $US3.35 per share. Ultimately, the growth of Model 3 and the profit associated with it will help us accelerate the transition to sustainable energy even faster.
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Prior to that it produced 2,000 Model 3s in three straight weeks.
"Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the United States, and our deliveries continue to increase", the letter read.
On Wednesday, the tracker estimated Tesla has hit 2,050 Model 3's per week.
The increased cash burn observed this quarter could be viewed as alarming, but the automaker has a very good explanation.
And if more manufacturing hangups are in store for Tesla, the company could be headed for a cash crunch.
The call also ventured into the topic of the upcoming Model Y. Musk estimates that production wouldn't begin until the beginning of 2020 at the earliest and that it absolutely wouldn't be built in Fremont owing to the fact that the facility was already crowded.
Elon Musk said he made a mistake with the "excessive automation" at Tesla's plant.
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