Tesla shares drop as 3Q falls short

3:46 PM, Nov 5, 2013   |    comments
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DETROIT (AP) - Electric car maker Tesla Motors is posting third-quarter results well below Wall Street expectations.

The Palo Alto, Calif.-based company's stock tumbled nearly 11 percent in extended trading Tuesday following the release of the earnings report.

Tesla's results were weighed by its moves to open new stores and invest heavily in its charging network in the U.S. and Europe.

It says it lost $38.5 million, or 32 cents per share, in the third quarter as revenue jumped to $431 million from $50.1 million in the July-September period last year. According to FactSet, analysts were expecting earnings of 8 cents per share on revenue of $547.5 million.

The company says it sold just over 5,500 Model S sedans, a quarterly record. Around 1,000 of those were delivered to European customers.

(Copyright 2013 The Associated Press. All rights reserved.)

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