Yesterday was a big earnings day for tech companies — and a wild night for their stocks. Here’s a roundup of 3 stocks that turned upside down after-hours yesterday:
Tesla reports historic losses, sending stock way up
Yep, you read that right. The electric car company announced losses of $717.5m in Q2, the largest in the company’s volatile history. But Tesla lost money efficiently — reducing expenditures from $3.4B to an estimated $2.5B this year and finishing the quarter with $2.2B in cash.
Now that the company has hit its target of producing 5k Model 3s a week, analysts are betting the company will be profitable this year — sending stock up more than 11% after-hours.
Square had a great year, sending its stock downhill
But, investors seemed to think the good news at Square was too good to be true. After raising its own bar, Square slightly lowered its forecast for next quarter — enough to send the company’s stock down as much as 2.5% after-hours, despite its strong performance.
Despite losses, Fitbit gets it
Fitbit announced a $118.3m quarterly net loss yesterday, revealing overall revenue had fallen to $299.3m from $353.3m at this time last year.
Yet, in spite of the rough financials, Fitbit announced that the selling price of its wearables increased 6% on the year — a vote of confidence for smartwatches. Fitbit’s faith-driven smartwatch forecast was enough to send the ’Bit’s stock up 6.4% after hours.