Tesla just posted a quarterly profit of $17 million.
Actually, using generally accepted accounting principles, it lost $49.8 million, or $0.40 per share, in the quarter that ended in March. A similar thing happened a year ago, when the company posted a surprising profit, if you exclude certain items.
Tesla’s quarterly revenue was $618 million, which was weaker than expected (consensus expectations were for $688 million according FactSet). Investors seem more worried about the sales miss than the bottom line. The stock has fallen by about 6% in after hours trading.
Elon Musk’s electric vehicle company delivered 6,457 vehicles during the quarter and says it is on track to deliver more than 35,000 vehicles this year. The company said production is now at almost 700 vehicles per week, up 15% from a year ago, and by the end of the year, it expects that to rise to 1,000 vehicles per week.
Investors are still waiting for the company to announce a partner for its “gigafactory,” which will produce Tesla’s lithium ion batteries. In its prepared statement, Tesla said: “Planning discussions with Panasonic and other potential production and supply chain partners continue to go well and we are pleased with the high interest level in the project.”