Tesla's Musk defends comments made during conference call

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Tesla Chief Executive Officer Elon Musk acknowledged on Friday that it was "foolish" of him to snub analysts on a conference call earlier in the week, but further needled Wall Street with a series of accusatory tweets. Sacconaghi said the response he got from Musk could be a worrying sign. "That's our focus right now".

Tesla's stock dropped more than 5% on Thursday after Musk, speaking after the electric vehicle maker reported stronger revenue than expected, dismissed two questions about Model 3 orders and reduced spending plans.

Although Musk has insisted the company neither needs nor wants new funding, many believe the company will seek to raise more capital by the end of 2018. He then allowed multiple questions from a person via YouTube. Nevertheless, the investors were more concerned about the auto Model 3's progress, cash burn rate and margins. That's also the level needed for Tesla to make money. "It was foolish of me to ignore them", Musk wrote in a tweet Friday morning addressing the call.

Strong sales of the auto are key to generating cash to pay operating expenses, fund capital spending and make upcoming debt payments. That's quite interesting given the company is still facing difficulties with the Model 3 production.

Wall Street analysts are closely following Tesla's progress as the company works to resolve Model 3 production delays.

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However, production of the Model 3 hasn't been going smoothly.

Musk said the restructuring would involve getting rid of third-party contractors that have grown out of control.

"We're going to go to YouTube", Musk answered.

"Clearly, he seems tired and frustrated, and this is the wrong time to lash out at the investor community", James Albertine, an analyst with Consumers Edge Research, said on Bloomberg Television. Excluding one-time expenses such as stock-based compensation, the company lost $3.35 per share.

Automotive revenues, including leasing, totaled $2.74 billion in the first quarter, up from $2.29 billion in the first quarter of previous year. On average, analysts estimated losses of $3.58 per share on revenue of $3.22 billion.

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Quite recently, Tesla's QI earnings slowed down with a less than expected share drop. Tesla said it expects a GAAP profit and positive cash flow in the third and fourth quarters of 2018. At the end of a year ago the company had a total of $9.5 billion in long-term debt.

But that could slow future product development.

Sacconaghi, one of the rebuffed analysts, wrote: "We do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook".

Tesla is struggling to speed up the manufacturing process of its Model 3 at its factory in Fremont, California.

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