Tesla Inc. posted a wider-than-expected adjusted loss in the first quarter, sending the stock to a 2% loss in the extended session Wednesday.
Tesla TSLA, -1.99% said it lost $702 million, or $4.10 a share, in the quarter, compared with a GAAP loss of $4.19 a share in the year-ago period.
Adjusted for one-time items, Tesla lost $494 million, or $2.90 a share, compared with a loss of $3.35 a share a year ago.
Revenue reached $4.5 billion, compared with $3.4 billion a year ago.
Analysts polled by FactSet had expected an adjusted loss of $1.15 a share on sales of $5.4 billion for the quarter. The per-share loss forecast had widened in recent days, and comes as Tesla had reported third- and fourth-quarter GAAP and adjusted profits.
Tesla’s first-quarter report comes two days after the company held an investor day dedicated to its driverless-car efforts.
See also: Tesla unveils ‘best in the world’ chip for self-driving cars, promises robo-taxi fleet
Tesla unveiled a house-designed computer for autonomous driving, and Chief Executive Elon Musk vowed to have a fleet of “robo-taxis” as early as next year in some locations, pending regulations.
Read more: Wall Street analysts are mostly skeptical of Tesla’s robo-taxi plans
So far this year, Tesla shares have lost around 8% in the past 12 months, versus gains of more than 11% for the S&P 500 index. SPX, -0.22%
