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Tesla reports 1Q loss

PALO ALTO, Calif. – PALO ALTO, Calif. (AP) _ Tesla Motors Inc. (TSLA) on Wednesday reported a loss of $282.3 million in its first quarter.

On a per-share basis, the Palo Alto, California-based company said it had a loss of $2.13. Losses, adjusted for non-recurring costs and stock option expense, came to 57 cents per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.

The electric car maker posted revenue of $1.6 billion in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.59 billion.

Tesla shares have declined slightly more than 7 per cent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $222.56, a fall of slightly more than 3 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSLA at http://www.zacks.com/ap/TSLA

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Keywords: Tesla Motors, Earnings Report, Priority Earnings