Tesla Motors Inc. posted a second-quarter loss of $293.2 million Wednesday, a shortfall that was far worse than Wall Street expected.
The loss, despite a 33 percent jump in revenue to $1.27 billion, came as the electric-car maker led by billionaire Elon Musk is ramping up production of its Model X sport utility vehicle and making plans for its Model 3 mass-market sedan.
Tesla said the loss in the quarter using standard "generally accepted accounting principles," or GAAP, equaled $2.09 a share and compared with a loss of $1.45 a year earlier.
Tesla also focuses on non-GAAP results, which adjusts for employee stock-based compensation and other items, and that loss equaled $1.06 a share in the three months that ended June 30, compared with a loss of 48 cents a year earlier.
Wall Street had expected a non-GAAP loss of 59 cents a share, according to analysts polled by FactSet Research Systems Inc.
The results were announced after the stock market closed. Earlier, Tesla's stock fell $1.41, or 0.6 percent, to $225.79 a share.
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