Tesla Slashes Full Year Estimates for Deliveries, Stock Slides

Keep an eye on shares of Tesla Motors (TSLA) in Thursday's trading session after the electric car maker lowered its full year estimates for deliveries despite posting better than expected quarterly results. Analysts were anticipating a decline in quarterly results as Tesla ramped up spending, but were expecting an increase in revenue for the quarter ended June 30. For the second quarter, the company posted a loss of $0.48 a share on revenue of $1.2 billion. Wall Street had forecast a loss of $0.60 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 $0.11 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. TheStreet's Kurumi Fukushima reports in New York.

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