Tesla Motors Inc.(NASDAQ:TSLA) shares climbed nearly 8% to $224.5 in premarket November 4th, following the announcement of financial result for third quarter of fiscal year 2015 on Tuesday, November 3.
The financial results showed wider wider loss for the third quarter. Although Tesla has reported non-GAAP revenue increase of $ 0.31 billion or 33% to $1.24 billion year over year, Tesla’s EPS was ($0.58) based on 129 million basic shares, 75 million loss in third quarter, compared to $0.02 earning per share in the same period in 2014.
Heavy developing cost set off the stable growing sales. Tesla Motors Inc. expected to sale Model X after the third quarter, so it can’t benefit a lot on its Q3 financial report. Tesla Motors Inc. already modified its year-target to 50,000-55,000 vehicles. To achieve full-year deliveries in line with its target, Tesla needs to deliver nearly 17,000 vehicles during Q4. It means that sales in Q4 will increase a lot compared to previous quarter.
Chairman & Chief Executive Officer- Elon Musk states the former CEO of Enservio - Jon McNeil has joined as Head of Global Sales and Service. The other significant hire is Jason Wheeler, who is former VP of finance in Google. Jason Wheeler will be the CFO in Tesla starting next month. In addition, Musk expected to have some announcement in the following months to add bench strength to the Tesla management team.
According to a statement by Tesla, the company reminded the investors that it is hard to balance the income and expand the scope at the same time. Obviously, the future development of Tesla is more important than the sales in current step. It is not surprised that Tesla Motors Inc. shares surged to 8% after the announcement of Q3 earnings on Tuesday after market close.