Tesla Q1 Earnings Beat Projections, But Share Price Drops On News

Tesla Motors posted mixed, mostly hopeful results for its first quarter that ended March 31, but its stock at this writing is dipping 7-percent down in after-hours trading after closing 2.86 percent down.

Wall Street may be receiving the company with some loss of confidence, but among positive indicators are a record Q1 production of 7,535 Model S sedans with 7,500 expected to be built in Q2.

The company also exceeded guidance by delivering 6,457 Model S sedans for Q1.

Its earnings were 12 cents per share on $713 million in sales which beat analysts projections of 10 cents per share.

Whether this is the next AAPL is in question among some investors however, and the company has already ridden a market capitalization to half of General Motors while having only produced two cars in its history.

But hopefulness continues for a company that demonstrates innovation, and expansion into Asia, and plans for the world’s largest battery plant, its Gigafactory, which it intends to spend as much as $850 millio0n on this year.

Tesla conceded it is going to still be in due paying mode, or “cash flow negative” this year.

It also raised $2.3 billion in convertible notes offerings for its future expansion plans.

A complete picture according to Tesla can be read in its released-today Shareholder Letter.