Thursday, May 11, 2017

Tesla: Slammed -- May 11, 2017

I posted this earlier but did not pay much attention to it. I read the article, but considered the source, and left it at that.
Tesla: over at SeekingAlpha, a contributor argues that it's energy business has collapsed.
But then, for a similar story to appear at another source suggesting the same thing certainly got my attention. From The Street:
Tesla's (TSLA) acquisition of Solar City appears to have masked a decline in the company's power storage business, according to the company's latest 10-Q filing.
Tesla reported that energy generation and storage revenue rose $191.2 million, or 841% in the quarter ended March 31, compared with the same period a year earlier.
However, "this was primarily due to the inclusion of revenue from SolarCity, which we acquired on November 21, 2016, of $208.7 million, partially offset by a decrease in energy storage revenue of $17.4 million," the company said in its filing. That's a far less rosy situation than was forecast by CEO Elon Musk in August 2015, on the company's second-quarter earnings call shortly after Tesla introduced its Powerwall and Powerpack products for residential and commercial customers.
I've gone back and archived the SeekingAlpha article.

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