Tesla, Inc. announced its financial results for the fourth quarter of 2017, as well as for the financial year 2017 Wednesday evening, after markets closed. While the company posted its highest quarterly revenue yet, and a smaller than expected loss, it also quietly delayed the delivery of its mass-market sedan, the Model 3.
The revenue of almost $3.3 billion for the October-December quarter was 10 percent more than the preceding quarter, and over $1 billion more than the same quarter in 2016. For the entire year, gross revenue stood over $11.7 billion, a significant increase from the $7 billion posted during 2016. Wall Street expectations put the quarterly revenue around $3.2 billion.
The adjusted loss per share, of $3.04, was also lower than the $3.19 expected. But that is higher than the $2.92 loss per share posted in the July-September quarter, and the $8.66 loss posted for the year is much bigger than the $2.87 loss per share in 2017.
Much of that loss was chalked up by the company to the slow ramp up of Model 3 production. And that effect will continue into the first quarter of 2018 as well, Tesla said in its letter to investors. By the end of the ongoing quarter, the electric car maker hopes to reach its target of 2,500 Model 3 vehicles being produced every week, with the number set to go up to 5,000 by the end of June.