No biggie.
Tesla reported first-quarter earnings after the bell on Wednesday, and they were a big miss.The company lost $1.33 per share, substantially more than the $0.82 analysts expected.
On the plus side, revenue beat expectations: $2.70 billion versus $2.61 one.
Tesla has rarely made money since its 2010 IPO, but that hasn't stopped investors from bidding up the company's market cap to $51 billion - more than Ford's, and on a par with General Motors' market cap.
After closing down 2.5% on Wednesday, to $310, Tesla shares were dropping only slightly after-hours, to $308.
Depending on what CEO Elon Musk says when he talks with analysts on a conference call later, the stock could trend lower.
The quarterly loss was certainly large enough to justify investors rushing for the exits, especially after Tesla burned through over $600 million in cash for the quarter (the company has said it will spend $2 billion-2.5 billion for the year, so it's on pace).
But the takeaway from another dismal quarter for earnings seems to be that Tesla's statements about its plans to launch its mass-market Model 3 vehicle in July and ramp production to 10,000 cars per week by 2018 has given investors enough confidence to stay the course with the stock.
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