SAN FRANCISCO (AP) — Tesla posted a $702.1 million net loss in the first quarter as sales of its electric cars slumped and demand appeared to be waning.
The company lost $4.10 per share from January through March, when deliveries fell 31 percent from the fourth quarter. Tesla had warned it would lose money after turning two straight quarterly profits last year for the first time in its 15-year history.
Excluding one-time items and stock-based compensation, the company lost $2.90 per share, worse than Wall Street estimates. Analysts polled by FactSet expected a loss of $1.15 per share. Revenue rose almost 40 percent over a year ago. But it still fell short of analyst estimates of $5.42 billion.
CEO Elon Musk last year predicted quarterly profits in the future. But Tesla had trouble cutting the cost of its Model 3 mass-market electric vehicle.