NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA - Get Report) could hit the skids Thursday after the electric car maker lowered its full-year estimates for deliveries despite posting better-than-expected quarterly results.
Analysts were anticipating a year-over-year decrease in earnings as Tesla ramped up spending, but a year-over-year increase in revenue for the quarter ended June 30. For the second quarter, the company posted a loss of 48 cents a share on revenue of $1.2 billion. Wall Street had forecast a loss of 60 cents a share on revenue of $1.17 billion, according to analysts surveyed by Thomson Reuters. In the same period of last year, Tesla posted a profit of 11 cents a share.
The one key number that matters most for Tesla is deliveries. The company slashed its full-year guidance to between 50,000 and 55,000 vehicles after announcing in May that it expected to deliver 55,000 Model S and Model X cars combined.
Still, Tesla said it delivered 11,532 vehicles in the second quarter, in line with the estimated 10,000 to 11,000 vehicle deliveries. In the current quarter, Tesla now expects to produce roughly 12,000 vehicles, after producing 12,807 vehicles in the second quarter. In addition, the company noted that it still expects its new Model X to begin deliveries late in the third quarter. Tesla currently has a market cap of about $34.25 billion.
The stock has gained more than 21% for the year to date. Shares of Tesla finished the regular trading session up 1.5% to $270 before falling over 6% in late trading following the quarterly release.