Tesla Misses Estimates, but Shares Rev Up on Positive CEO Comments

Tesla Motors (TSLA) reported quarterly results that missed analysts' estimates on both the top and bottom line. For the third quarter, the company reported a loss of $0.58 a share, more than what analysts' had expected. Sales came in at $1.24 billion, also missing projections. Year-over-year, profits declined while sales increased. In the latest quarter, Tesla said it delivered around 11,603 new vehicles. In the fourth quarter, it expects to deliver 17,000 to 19,000 vehicles. On top of this news, it revised its full year delivery outlook. First, the company started out with 55,000 deliveries then lowered that number to between the range of 50,000 to 55,000. Tesla said it now expects to deliver between the range of 50,000 to 52,000 vehicles. But, there was some good news. CEO Elon Musk said, 'Since the Model X launch event, order rates have accelerated for both Model S and Model X.' TheStreet's U-Jin Lee reports in New York.