NEW YORK (TheStreet) -- BlackBerry (BBRY) tanked after reporting a first-quarter earnings and revenue miss. Tesla Motors (TSLA) - Get Report soared after it reaffirmed its Model 3 production remains on track. Facebook (FB) - Get Report 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 Forbesreport

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."

Facebook rose 3.7% to close the session at $87.88.

The social networking giant surged after debuting a new mobile format for advertising, which is designed to make ads interactive and draw in the consumer. Facebook presented its new format at the Cannes Lions advertising festival.

Mobile advertisements comprised 73% of the company's overall advertising revenue in the first quarter. The new format aims to spur growth of its mobile and video ads. 

Facebook hit an all-time high of $87.97 during intra-day trading Tuesday, a move that also comes a day after Piper Jaffray issued a $120 price target on the stock, according to a report in

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.