PALO ALTO, Calif. (AP)--Tesla Motors Inc. (TSLA) on Wednesday reported a loss of $320.4 million in its fourth quarter.

On a per-share basis, the Palo Alto, California-based company said it had a loss of $2.44. Losses, adjusted for non-recurring costs and stock option expense, came to 87 cents per share.

The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The electric car maker posted revenue of $1.75 billion in the period, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $1.78 billion.

Tesla shares have decreased 40 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $143.67, a decline of 34 percent in the last 12 months.

--Associated Press