The electric car company's customer deposits fell for the second straight quarter, with a drop of 7 percent sequentially to start the year. Tesla CEO Elon Musk tried to brush aside analyst concerns on a conference call that the company was experiencing cancellations due to people waiting for the Model 3 release in July. But, Musk did acknowledge some "confusion" among consumers between the Model 3 and the Model S, and promised to have the issue corrected within the coming weeks. He also emphasized the two cars are vastly different.
Tesla reported a net loss of $1.33 a share on Wednesday after the close trading, well shy of the 81 cents a share loss Wall Street expected. Total revenue clocked in at $2.7 billion, topping analyst projections for $2.62 billion.
Shares of Tesla only fell 1.8 percent to $305.43 in after-hours trading despite the massive earnings shortfall, as the company reiterated it still sees deliveries of 47,000 to 50,000 in the first half.