Tesla's first earnings report shows wider loss (Silicon Valley)
In its first earnings report since its initial public offering in June, Tesla Motors Inc. on Wednesday reported a second quarter loss of $38.5 million, or $5.04 a share, up from about $10.8 million, or $1.56 per share in the same quarter last year.
Palo Alto-based Tesla (NASDAQ:TSLA) had revenue of $28.4 million, up from $26.9 million in the same quarter last year.
Excluding items, the company would have lost $26.1 million, compared to $10.7 million.
The company's higher loss was mainly due to higher research and development costs; the electric car maker plans to launch a new model in 2012.
Read more in the Silicon Valley/San Jose Business Journal.
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