Tesla Earnings: Shares Jump on Narrowed 2Q Loss

By Associated Press
|  Wednesday, Aug 7, 2013  |  Updated 3:14 PM PDT
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Tesla Shares Jump on Narrowed 2Q Loss

Bryan Mitchell/Getty Images

Tesla's Model S electric vehicle is seen in this file photo. (Photo by Bryan Mitchell/Getty Images)

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Tesla is reporting a narrower loss for the second quarter, and shares of the electric car maker are soaring in after-hours trading.

The Palo Alto, Calif., company said it lost $30.5 million, or 26 cents per share, in the April-June period. That compares with a loss of $105.6 million, or $1 per share, a year earlier.

Excluding one-time items and lease accounting, Tesla says it had a profit of 20 cents per share.

Analysts had expected a loss of 19 cents per share.

Revenue rose to $405.1 million from $26.6 million a year ago. That beat analysts' forecast of $386.9 million.

Tesla Motors Co. said it delivered 5,150 Model S sedans in the quarter, surpassing its expectation for 4,500.

Tesla's shares jumped 13 percent to $151.18 in after-hours trading.

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