Tesla (TSLA) reported first quarter losses $3.35 per share vs. estimates of $3.54 per share loss, according to analysts polled by FactSet, on Wednesday after the close of trading.
The company posted revenue of $3.41 billion for the quarter, vs. analyst estimates that projected the company would have about $3.22 billion in revenue. Revenue for the quarter increased 26.3% year over year.
Importantly the company said it is cutting its 2018 capex guidance from more than $3.4 billion to less than $3 billion.
Shares of Tesla fluctuated after hours.
Tesla already revealed that it missed first-quarter production targets for its budget Model 3 electric sedan. The company produced 2,020 Model 3s by the end of March, short of its stated goal of 2,500 weekly deliveries by the end of the quarter.
TheStreet's tech columnist, Eric Jhonsa, will analyze the company's earnings, due out after the market close, and investor conference call, which is scheduled to start at 5:30 p.m. ET. Please share your questions in the window at the top of the blog.