American electric car manufacturer's losses for the first quarter of 2019 reached 702 million dollars, according to the latest report published by the company. The company's chief financial officer, Kirkhorn, said that the last quarter "was one of the most difficult" in Tesla's history.
Last quarter, Tesla reported 139 million in profits, while last year, the company's losses amounted to around $1 billion.
Tesla's revenues for the first quarter of 2019 reached $4.5 billion, compared to the $7.2 billion registered in the previous quarter. At the end of March, the company's cash reserves reached 2.2 billion, which contrasts with the 3.7 billion it had at the end of 2018.
It has recently been reported that in the first three months of the year, the company sold around 63,000 vehicles, 31% less than in the previous quarter. In addition, Tesla paid its $920 million convertible bond obligation in cash in March.
Losses per share in the first quarter reached $4.10 compared to the $1.15 expected by analysts. Tesla plans to regain profitability in the third quarter of the year.
So far, Tesla shares (NASDAQ: TSLA.NASDAQ) have lost 22% of their value. Their price fell by 1.99% after the publication of its quarterly earnings report.
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