(CNN) Tesla reported its largest quarterly loss in its history on Wednesday and burned through $430 million in cash over three months. But investors didn’t freak out. Wall Street was expecting worse.
The electric car company said it lost more than $717.5 million in the second quarter. But its cash burn rate was less than investors expected, and the company had $2.2 billion in cash at the end of the quarter.
Electric car maker Tesla Inc. burned through $739.5 million in cash last quarter, paving the way to a company record $717.5 million net loss as it cranked out more electric cars. Telsa’s shares soared 11 percent to $334.18 in aft…https://t.co/Fyg4MrH0rn https://t.co/CBoMlafdsS
— Jerry Jarzabek (@jerryjarz_baird) August 1, 2018