Tesla lost $702 million last quarter after drop in Model 3 deliveries

Tesla lost $702 million in the first quarter of 2019, after posting back-to-back profits for the first time ever to finish out 2018, the company announced in an official filing Wednesday. CEO Elon Musk had predicted Tesla would slide back into the red on a February 28th call with the media. Telsa generated $4.5 billion in revenue for the quarter, which is down from $7.2 billion in the previous quarter, but up from $2.6 billion in the first quarter of 2018.

The company also announced it doesn’t expect to turn a profit in the second quarter, either. Musk had previously guessed that Tesla would return to profitability for good starting this quarter. The $702 million loss was the company’s fourth-worst quarterly loss since it became publicly…

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