Tesla's first-quarter loss was 'catastrophic' and the board should hold CEO Elon Musk responsible, says management expert Jeffrey Sonnenfeld.
Tesla's first-quarter loss was"catastrophic" and the electric auto maker's board should hold CEO Elon Musk responsible, management expert Jeffrey Sonnenfeld told CNBC on Thursday.
Shares of Tesla were under pressure early Thursday after the company posted late Wednesday an adjusted loss of $2.90 per share for the first quarter. That was four times worse than Wall Street analysts had expected. Revenue was also below forecasts as demand for its electric cars waned. Sales of its vehicles rose 36% to $3.72 billion from $2.74 billion a year ago. But that was down 41% from the fourth quarter.
However, Sonnenfeld, with decades of experience studying CEO leadership and corporate governance, characterized Tesla's financial results as the"worst disaster" in the technology sector that"a lot of us can remember in a long time." It was especially bad for a company with a stock market value as large as Tesla, he added. Ahead of Thursday trading, Tesla's market cap was nearly $45 billion.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Cramer: Elon Musk is the P.T. Barnum of our time — call him 'P.T. Musk''I just keep finding it's a three-ring circus with the guy. It's kind of annoying but he's exciting,' says CNBC's Jim Cramer.
Leer más »
Elon Musk claims Tesla will have 1 million robotaxis driving next year — that's optimisticThe Tesla CEO warned investors, 'Sometimes I am not on time, but I get it done.'
Leer más »
Elon Musk told this Reddit user they 'should interview at Tesla' — here's whyElon Musk told this Reddit user they 'should interview at Tesla' — here's why via CNBCMakeIt
Leer más »
Tesla investors await updates from Elon Musk on service, the Shanghai factory and Model 3 marginsTesla investors await updates on service improvements, the Shanghai Gigafactory and Model 3 margins.
Leer más »
Elon Musk says Tesla will begin offering its own insurance to customers next monthTesla CEO Elon Musk said on Wednesday that the electric-car maker will begin offering a new insurance product to its customers in around a month.
Leer más »
Elon Musk says Tesla robotaxis will hit the market next yearTesla CEO Elon Musk said on Monday that he's 'very confident' predicting autonomous robotaxis will hit the market in 2020.
Leer más »
Elon Musk says Tesla will develop a 'quiet electric leaf blower'Tesla's CEO has an idea for extra Tesla parts. Elon Musk says his company is planning to develop an electric leaf blower.
Leer más »
Tesla's Musk 'sees merit' in capital raise, vows profit in third quarter after large lossTesla Inc Chief Executive Elon Musk suggested on Wednesday a capital raise could...
Leer más »