WASHINGTON: Tesla on Wednesday posted a sharp rise in quarterly revenue as vehicle deliveries recovered, but the electric carmaker fell well short of Wall Street expectations for adjusted earnings per share, reported German Press Agency (dpa).
Analysts had expected adjusted earnings of US$0.51 per share, while Tesla reported US$0.33.
Shares in the company, led by tech billionaire Elon Musk, fell by more than two per cent at times in after-hours of United States (US) trading.
Quarterly revenue rose 26 per cent year-on-year to US$28.24 billion, supported by an unexpectedly strong increase in deliveries.
Tesla delivered 480,126 vehicles, around 25 per cent more than a year earlier.
The company had reported declining sales in each of the previous two financial years.
Net profit declined five per cent to just over US$1.11 billion, partly reflecting discounts, particularly in Tesla’s key US market.
Revenue from the sale of emissions credits also fell to US$146 million from US$380 million three months earlier.
US President Donald Trump’s rollback of vehicle emissions limits has sharply reduced that business, which has often helped Tesla through weaker periods in recent years.
Tesla operates its European factory in Grünheide, near Berlin, where it produces the Model Y.
The company recently announced plans to expand production at the plant.
— BERNAMA-dpa
