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Tesla tops estimates, says Model 3 on track to hit production targets

Tesla Wednesday posted a narrower-than-expected second-quarter loss, boosted by revenue that nearly doubled.

The strong revenue was driven by deliveries of its Model S sedans and Model X SUVs, helping to relieve investor concerns that the upcoming Model 3 was eating into these sales.

Here's how the company did compared to what Wall Street expected:

  • Adjusted loss per share of $1.33 vs. $1.82 expected, according to Thomson Reuters
  • Revenue: $2.79 billion vs. $2.51 billion expected, according to Thomson Reuters

Tesla's reported a net loss of $336 million, or $2.04 per share, compared to a loss of $293 million, or $2.09 a share, a year ago.

Excluding stock based compensation, Tesla lost $1.33 a share, which was narrower than expected, according to a consensus estimate from Thomson Reuters.

Shares were up nearly...