Shares of Tesla Inc.
TSLA, + 3.80%
dropped by more than 2% in a prolonged session Wednesday after Silicon Valley announced lower-than-expected fourth-quarter adjusted earnings but sales were outpaced and the company said it expects its production of model 3 to be "lasting" 7,000 vehicles per week until the end of the year. Tesla said it earned $ 139 million in the quarter, or 78 cents a share, regardless of whether it is a non-drawback of $ 54 million, compared to a loss of $ 4.01 per share in the previous quarter. Adjusted for one-time items, Tesla earned $ 1.93 per share, against a loss of $ 3.04 a year ago. Revenue rose to $ 7.23 billion, compared with $ 3.29 billion a year ago. Analysts surveyed by FactSet expected a revised profit of $ 2.20 on sales of $ 7.12 billion. Shares ended on a business day by 3.8%.
Send messages to your inbox. Sign up for free MarketWatch newsletters. Sign up here.