Tesla says its losses will soon be in the rear-view mirror, but the electric-car maker isn't there yet.
Tesla (TSLA) reported a loss of roughly $75 million for the fourth quarter on Wednesday, or 65 cents a share, wider than analysts had predicted. Sales came in slightly ahead of estimates at $306 million, but that wasn't enough to keep shares from sinking nearly 10% in midday trading Thursday morning.
Analysts surveyed by Thomson Reuters projected that the company would post $298 million in sales and a loss of 53 cents a share.
Tesla executives struck an optimistic note Wednesday, however, saying the company expects to generate a slight profit for the current quarter, with production improving and capital expenditures decreasing.
"Due to an enormous amount of hard work by a really dedicated group of people at Tesla, we're going to be profitable, and I think that's a pretty big deal," CEO Elon Musk said in a call with analysts. /snip