Tesla Inc. stock edged lower late Monday after the Silicon Valley electric-car maker reported first-quarter profit above expectations, but sales missed the mark slightly.
said it earned $438 million, or 39 cents a share, in the quarter, compared with $16 million, or 2 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 93 cents in the first quarter.
Sales rose 74% to $10.39 billion, from $5.99 billion a year ago.
Analysts polled by FactSet had expected the company to report adjusted earnings of 75 cents a share on sales of $10.48 billion.
It was a seventh straight quarter of profit for Tesla. The company has scheduled a conference call with analysts for 5:30 p.m. Eastern. The call will be webcast.
Tesla earlier this month reported first-quarter deliveries that zoomed past analyst expectations, but the stock has been volatile in recent sessions.
A recent fatal crash involving a Tesla vehicle in Texas where authorities believe no one was at the wheel has drawn renewed scrutiny to Autopilot, Tesla’s suite of advanced driver-assistance systems.
Autopilot has been criticized in some quarters for giving some drivers a false sense of security, and for its name implying self-driving abilities well beyond the suite’s current capabilities.
U.S. safety regulators are investigating several accidents involving Tesla vehicles in which Autopilot may have been involved. Tesla makes it clear that drivers engaging Autopilot have to remain alert and prepared to take over at any time.
The stock has gained 410% in the past 12 months, compared with gains around 48% for the S&P 500 index
in the same period.