Elon Musk. Photo: VCG/VCG via Getty Images

Tesla reported Q2 revenue of $4 billion and a loss of $3.06 a share on Wednesday, both of which missed analysts' predictions.

Why it matters: "Tesla Inc. burned through less cash than analysts’ expected last quarter and stood firm with CEO Elon Musk’s projection that profit is around the corner after years of losses," per Bloomberg. The earnings report was important for Tesla as concerns loom about Tesla's ability to be profitable, various production problems, and demand for the Model 3.

The details: According to Zacks, revenue was expected to hit $3.79 billion with losses of $2.71 per share.

  • Free cash flow was negative $739 million for the three months ended in June, whereas analysts were predicting the company would spend about $900 million — after spending about $1 billion the past three quarters, per Bloomberg.
  • Tesla's stock was down 3.4% through Wednesday’s close.

Tesla expects to produce 50,000-55,000 Model 3s next quarter, and wants to produce 6,000 Model 3 vehicles per week by late August, per the letter.

“It took 15 years to execute on our initial goal to produce an affordable, long-range electric vehicle that can also be highly profitable. In the second half of 2018, we expect, for the first time in our history, to become both sustainably profitable and cash flow positive.”
— Musk and Chief Financial Officer Deepak Ahuja wrote in the letter.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 33,484,120 — Total deaths: 1,004,082 — Total recoveries: 23,212,633Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 7,180,179 — Total deaths: 205,729 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9pm ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.