Stock Futures Rise, Tesla and Facebook Slide Following Earnings

New York (May 4)  Stock futures moved higher on Thursday morning even as earnings from closely watched Tesla (TSLA) disappointed.

S&P 500 futures were up 0.3%, Dow Jones Industrial Average futures added 0.3%, and Nasdaq futures rose 0.35%.

Tesla fell more than 1% in premarket trading after reporting a triple-digit increase in revenue, though a far wider quarterly loss than expected. The electric automaker reported a loss of $1.33 a share, far steeper than an anticipated loss of 81 cents a share. Revenue surged 134.8% to $2.7 billion, $90 million above consensus. Over the first quarter, Tesla made a record 25,051 deliveries. Tesla said initial production of its Model 3 was on track for July.

Facebook (FB) was also lower despite better-than-expected earnings over the quarter. Net income of $1.04 a share beat estimates by 17 cents thanks to strong ad sales growth and a steady increase in its active user base. Sales surged 49.3% to $8.03 billion, $200 million higher than anticipated. Ad revenue increased 51% to $7.86 billion, while monthly active users grew 18%.

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Fitbit (FIT) surged 12% after exceeding estimates on its top- and bottom-line. The fitness tracker company reported a net loss of 15 cents a share, 3 cents narrower than expected. Revenue slumped nearly 41% to $298.9 million, $18 million above forecasts.

Source: TheStreet