Earnings at Musk's car company fall as research spending cuts into profit from selling cars

Tesla said Wednesday that its profits fell last quarter as the car company run by Elon Musk shoveled more money into research and development, cutting into profits from a sharp increase in vehicle sales.

The Austin, Texas, company reported second-quarter net income of $1.11 billion, or 32 cents per share. Excluding certain items, earnings were 33 cents per share, well short of the 53 cents per share forecast by Wall Street analysts, according to FactSet.

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Earnings at Musk’s car company fall as research spending cuts into profit from selling cars | Region

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