To say that Tesla has been unprofitable for the majority of its existence may be truthful, but it isn’t exactly fair. As a relatively new automotive upstart, Tesla for quite some time wasn’t so much focused on profits as it was with spending boatloads of cash on growth, investing in itself, and boosting production. Wall Street, though, isn’t inclined to give a company a seemingly endless amount of time to turn a profit, which is to say Tesla over the past few quarters has been under a lot of pressure to demonstrate that it can be profitable.
Lo and behold, Tesla during the 2018 September quarter did just that. When the dust settled, Tesla posted a quarterly net income of $312 million. It’s not a staggering amount by any means, but it was nonetheless a symbolic victory for Tesla and proof that the mass market Model 3 was capable of helping the company turn a corner.
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Tesla to slash workforce by 7% in effort to boost profits originally appeared on BGR.com on Fri, 18 Jan 2019 at 21:03:36 EDT. Please see our terms for use of feeds.
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