Why was there no story about Telsa missing Wall St. earnings expectations?
Did it not fit The Verge's narrative of electric battery cars being the wave of the future? Shares are down more than 7% after-hours. Usually The Verge covers tech-related earnings releases....
Here's what happened:
SAN FRANCISCO (MarketWatch) -- Tesla Motors TSLA -7.37% reported late Wednesday a fourth-quarter net loss of $90 million, or 79 cents a share, compared with a net loss of $81 million, or 78 cents a share, in the year-ago period. On an adjusted basis, the electric car maker said it lost 65 cents a share. Analysts had estimated a loss of 58 cents a share, according to FactSet. Revenue of $306 million matched the consensus forecast. Tesla's fourth-quarter gross margin improved to 8%. For the first quarter, Tesla said it expects to post a slight profit on an adjusted basis and be "near breakeven on cash flow from operations." The Silicon Valley company maintained its 2013 forecast for 20,000 Model S deliveries as well as posting a 25% gross margin. "This year, we are on a journey to expand the presence of Model S and turn profitable," CEO Elon Musk and CFO Deepak Ahuja said in a letter to shareholders. Tesla shares fell nearly 3% to $37.52 in after-hours trade.