NEW YORK (TheStreet) -- BlackBerry (BBRY) tanked after reporting a first-quarter earnings and revenue miss. Tesla Motors (TSLA) soared after it reaffirmed its Model 3 production remains on track. Facebook (FB) surges after unveiling a new format for its mobile advertising efforts.
BlackBerry plunged 4.2% to close at $8.81.
The smartphone maker took a hit after reporting weaker-than-expected first-quarter results. BlackBerry posted adjusted earnings of a loss of 5 cents per share on revenue of $658 million in the first quarter, compared with an adjusted loss of 3 cents a share on revenue of $683 million that analysts had been expecting, according to a report in the Wall Street Journal.
One analyst, Desmond Lau of Veritas Investment Research, told the Journal that sales of BlackBerry's enterprise server software BES tends to be a more predictable source of revenue than its licensing revenue.
Meanwhile, a report in Reuters noted that Wall Street is becoming skeptical of BlackBerry's plans to morph into a software company from its hardware roots as a mobile communications device maker. Analysts began to look into BlackBerry's revenue mix a little more closely following its earnings report, examining how much came from re-occurring sources of revenue and one-time licensing payments, according to Reuters.
Tesla jumped 3% to finish the day at $267.67 a share.
The high-end electric car maker roared ahead after it re-assured Wall Street it remains on track to demo its more affordable Model 3 next year and begin production in 2017, according to a report in Investor's Business Daily.
Tesla's shares were pushed down Monday after reports emerged that its chief technology officer presented a slide during a presentation to the U.S. Energy Information Administration conference that the Model 3 was planned for 2018, according to a Forbes report.
According to comments Tesla made to Forbes, the slide that Tesla's CTO presented that had the 2018 reference was a representation of when when the Model 3 would be in "full production."