Electric vehicle maker Tesla (TSLA) has reported a steep first-quarter decline in both its automotive sales and profit.
The company led by Elon Musk announced earnings per share (EPS) of $0.27 U.S., which was below the consensus expectation of $0.41 U.S. among analysts who cover the company.
Tesla’s net income plummeted 71% from a year ago.
Revenue in the quarter totaled $19.34 billion U.S., which was lower than Wall Street forecasts that called for sales of $21.11 billion U.S.
Tesla reported that its total revenue during the quarter declined 9% year-over-year.
However, automotive revenue that’s made up of the company’s electric vehicle sales fell even further, dropping 20% from a year ago to $14 billion U.S.
Heading into the earnings report, Tesla’s stock had been crushed by news of declining sales and negative investor sentiment. Consequently, Tesla’s share price has fallen 37% this year.
Media reports claim that short sellers on Wall Street have made $11.50 billion U.S. from this year’s selloff in Tesla’s stock.
Tesla has seen its sales decline around the world – from China to Canada – as consumers revolt against Elon Musk’s involvement with the administration of U.S. President Donald Trump.
Earlier in April, Tesla reported a 13% decline in its worldwide deliveries to 336,681 electric vehicles. Deliveries are an approximation for sales.
The stock of Tesla is currently trading at $237.97 U.S. per share.