Tesla CEO Elon Musk said on Thursday that the automaker will likely not be profitable in the first quarter of this year.
Tesla is shuttering most of its stores as the company switches to an online-only sales model
"I'm optimistic about being profitable in Q1. Not by a lot, but I'm optimistic about being profitable in Q1 and for all quarters going forward," Musk said during the call. During the second half of 2018, Tesla posted the first consecutive quarterly profits in its history, though it failed to meet Wall Street's expectations for its fourth-quarter earnings. The automaker posted adjusted earnings of $1.93 per share on $7.23 billion in revenue during the fourth quarter. Wall Street analysts had expected adjusted earnings of $2.10 per share on revenue of $7.1 billion.
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