Tesla reports loss of more than $408 million for 2nd quarter

Tesla Inc. on Wednesday reported a loss of $408.3 million in its second quarter.

On a per-share basis, the Palo Alto, California-based company said it had a loss of $2.31. Losses, adjusted for stock option expense, were $1.12 per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.

The electric car maker posted revenue of $6.35 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $6.38 billion.

Tesla shares have fallen 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $264.88, a decrease of 11% in the last 12 months.