Tesla Drops 8% In Pre-market Following Q2 Earnings Miss

(RTTNews) - Shares of Tesla, Inc. (TSLA) were falling more than 8 percent in pre-market on Wednesday to $224.60, after reporting lower profit in the second quarter, primarily impacted by lower vehicle deliveries as well as reduced price. The stock price was also impacted by earnings miss.

Net income was $1.478 billion or $0.42 per share, lower than 2.703 billion or $0.78 per share in the same quarter a year ago.

Excluding special items, earnings of $1.812 billion or $0.52 per share missed the average estimate of analysts of $0.62 per share.

Operating income decreased to $1.605 billion from $2.399 billion a year ago.

Total revenue for the quarter, however, slightly increased to $25.5 billion from $24.927 billion in the previous year.

Automotive revenue declined to $19.878 billion from $21.268 billion last year.

Tesla stock had closed at $246.38, down 2.04 percent on Tuesday. The stock has traded in the range of $138.80 - $278.98 in the last 1 year.