LIVE: Tesla is about to release Q1 earnings

Tesla boss Elon Musk (L) walks with Shanghai Mayor Ying Yong during the ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019.STR/AFP/Getty Images


Tesla is set to release its financial results following Wednesday’s closing bell for a quarter Morgan Stanley described as one the electric-car maker “may want to forget.”

The beginning of 2019 has been dotted with a legal battle between CEO Elon Musk and the Securities and Exchange Commission, disappointing first-quarter deliveries, a plunging stock, employee layoffs, and a concern among Wall Street analysts that underlying demand has faltered. 

The California automaker also unveiled its long-awaited $35,000 Model 3 in February, its Model Y crossover SUV in March, and plans for its self-driving technology this week.

Musk warned earlier this year that Tesla probably wouldn’t turn a profit in the first quarter, reversing his prior forecast. He does expect Tesla to achieve profitability in the second-quarter, however.

Here’s what Tesla is expected to report, according to analysts polled by Bloomberg.

  • Adjusted loss per share: $1.30
  • GAAP loss per share: $2.32
  • Revenue: $4.84 billion
  • Adjusted net income: -$222.14 million

Ahead of Tesla’s results, short-sellers have appeared to ramp up their bets against the company, according to the financial-analytics firm S3 Partners. Short interest in the name now hovers around the highest level of the year, the firm’s data showed.

Read more: Inside Tesla Twitter, where legendary short-sellers and amateur investors gather to trash and praise Elon Musk’s electric empire

At the same time, Wall Street analysts have become increasingly negative on Tesla, with the number of “sell” ratings on Wall Street topping “buys.” According to data compiled by Bloomberg, 15 suggest “sell,” 13 say “buy,” and eight recommend “hold.”

Tesla shares fell 2% on Wednesday, bringing the stock’s 2019 losses to 21%.

Markets Insider will be covering Tesla earnings live. Check back for updates.

Read more Tesla coverage:

Tesla’s ‘Autonomy Day’ fell flat with analysts — now Wall Street is bracing for its Q1 results

Tesla is under pressure after shaking up its board and receiving a demand-fueled downgrade from Wall Street

Elon Musk’s most hated group of investors are ratcheting up their bets against Tesla ahead of the company’s earnings

Why Tesla won’t hit its AV ride-hailing goals

Tesla shares.Markets Insider

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