Tesla burned through $739.5 million in cash last quarter as it geared up a factory to crank out more electric cars, leading to a $717.5 million net loss.
The stock soared after Musk apologized to the two analysts he scorned three months earlier for asking "bonehead" and "dry" questions on the company's previous earnings call.
One thing that stood out and caught investors' attention is the fact that the company's Model 3 vehicle helped set a new record: a total revenue of Dollars 4 billion in one quarter.
The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter past year.
During the second quarter, Tesla laid off 9 percent of its workforce as it worked toward Musk's promise of making money. The call triggered a stock sell-off and raised questions about Musk's behaviour.
He explained he had been exhausted from working more than 110 hours per week last quarter. Then, Musk told an analyst the company would start paying off its debts. "Hope you accept my apologies". In a series of Twitter updates on Wednesday, Elon Musk announced that some classic Atari games would be coming as Easter Eggs in Tesla's Software V9.0 release, which is expected to be rolled out in September of this year and accessible to Model S, Model X, and Model 3 vehicles.
"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy.
Tesla pulled out all the stops to finally hit that goal at the end of June, flying in a production line from Germany on a cargo plane, adopting an around-the-clock schedule and erecting a massive tent to house another assembly line in the parking lot of its California plant. He has run into trouble for snubbing Wall Street analysts to disparaging journalists critical of the company, and also for recently abusing a British caver who helped rescue 12 boys from a flooded Thailand cave.
Tesla said that during July it had hit an earlier goal of building about 5,000 Model 3s per week "multiple times", and reiterated a target of producing 6,000 per week by late August. Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion.