Tesla to return to profits in third quarter, CFO says


Tesla Inc. could return to profits by the third quarter, Chief Financial Officer Zachary Kirkhorn said in a call with analysts Wednesday. Tesla made price adjustments in its vehicles in the first quarter, which put pressure on margins, which will still be seen in the second quarter, he said. Tesla is “working extremely hard and making terrific progress on improving the cost efficiency of the business without sacrificing growth,” he said. Chief Executive Elon Musk said last month Tesla was likely to return to profits in the second quarter. Earlier Wednesday, the company reported a wider-than-expected first-quarter loss and revenues that missed the mark. Tesla was GAAP and non-GAAP profitable in the third and fourth quarters of 2018.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.





Source link

Some local news is curated - Original might have been posted at a different date/ time! Click the source link for details.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Send this to a friend