Tesla Inc. (NASDAQ:TSLA) reported the biggest revenue quarter in its history, yet the stock is heading for its worst week since March 2020.

Shares are down about 19% for the week, trading near $308 by 2 p.m. trading in New York on Friday. The last weekly loss this steep came in the week ended March 20, 2020, when Tesla fell 21.8% as the pandemic shut down the global economy.

Second-quarter revenue reached $28.24 billion, up 26% from a year earlier and above the $25.71 billion analysts expected.

Adjusted earnings came in at 33 cents a share against a 51-cent estimate.

The gap is spending.

Operating margin — what is left of every sales dollar after the cost of building and selling the cars — fell to 1.4% from 4.1% a year ago. Capital expenditure will top $25 billion this year, and free cash flow, the cash left over after those investments, turned negative.

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