Despite a big loss, Tesla’s stock registers a big gain

Teslas in lot
Tesla’s electric vehicles take up spots in a parking lot at the company’s factory in Fremont, Calif., during late June. (Tesla via Twitter)

Tesla reported a larger loss per share than expected in the second quarter, but there was more revenue and less of a cash burn than expected — all of which resulted in an after-hours surge in share prices that at one point amounted to more than 10 percent.

There were less quantifiable factors as well, in the form of apologies from Tesla CEO Elon Musk for his behavior three months earlier.

Musk had dressed down Toni Sacconaghi, an analyst for the Sanford C. Bernstein investment management firm, during the previous quarter’s conference call for asking what the billionaire techie called “boring, bonehead questions.” He also had complained about a “dry” question from RBC Capital Markets’ Joseph Spak.

During today’s call, Musk apologized to both analysts.

Get the full story on GeekWire.

By Alan Boyle

Mastermind of Cosmic Log, contributor to GeekWire and Universe Today, author of "The Case for Pluto: How a Little Planet Made a Big Difference," past president of the Council for the Advancement of Science Writing.

Leave a Reply

%d bloggers like this: