Investing.com - Tesla (NASDAQ:TSLA) shares fell sharply in postmarket trading Wednesday as the company reported a loss that was much wider than what Wall Street was expecting, while revenue also fell short of forecasts.
The automaker reported a loss of $1.12 per share on revenue of $6.35 billion. Analysts polled by Investing.com had forecast a loss of $0.41 a share on revenue of $6.52 billion.
Tesla shares lost about 10% following the report. The shares are down more than 20% this year.
The company said it was simplifying its guidance for investors and did not offer any prediction on profit or revenue looking ahead, but the company did say it still expected to deliver 360,000 to 400,000 vehicles this year.
Tesla said at the start of the month it delivered 95,200 vehicles in the second quarter.
“We continue to aim for positive GAAP net income in Q3 and the following quarters, although continuous volume growth, capacity expansion and cash generation will remain the main focus," the company said. "Our 2019 capex is expected to be about $1.5 to $2.0 billion, a reduction from prior guidance.”
Striving to improve margins and post a profit later this year, Tesla has laid off workers and pledged to close some stores to lower costs. It has also tinkered with its pricing and dropped some model variants in recent months.
The company also said it was looking to produce 10,000 vehicles of all models per week by the end of 2019.
Tesla made good on Musk's promise of delivering record number of electric cars in the second quarter, citing improved logistics system, and temporarily quelling fears about demand for its cars.
Total gross margins dipped to 14.5% from 15.5% a year earlier.
-- Reuters contributed to this report.