Tesla on Wednesday reported a smaller-than-expected loss for the fourth quarter and topped expectations for revenues.
The electric-car maker lost $0.69 per share on an adjusted basis, less than Wall Street's expectation for a loss of $1.04, according to Bloomberg. Its revenues totaled $2.28 billion ($2.13 billion forecast.)
This was the first earnings release since shareholders approved the electric-car maker's acquisition of SolarCity — a $2.6 billion deal that merged the two companies CEO Elon Musk oversaw.
Tesla forecast that it will deliver between 47,000 and 50,000 Model X vehicles in the first half of the year. It said the Model 3 and solar-roof launches remains on track for the second half of this year, and it is considering up to five gigafactories.
Amid competition, Tesla continued to burn through cash, losing $448 million from operating activities in the fourth quarter.
Tesla's stock has been on a tear of late, rising 43% in the three months through Wednesday's market close. They gained up to 3% in extended trading following the earnings release.
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