Tesla’s first quarter sales increase more than 70%

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Shares of Tesla Inc. fell Monday night after the Silicon Valley electric car maker reported first-quarter earnings above expectations, but sales fell short of the mark. Tesla TSLA, + 1.21% said it earned $ 438 million, or 39 cents a share, in the quarter, compared to $ 16 million, or 2 cents a share, in the prior-year quarter. Adjusted for unique items, the company earned 93 cents in the first quarter.

Sales increased 74% to $ 10.39 billion, from $ 5.99 billion a year ago. Analysts surveyed by FactSet 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 earnings for Tesla. The company has scheduled a conference call with analysts for 5:30 pm ET. The call will be transmitted over the Internet. Don’t Miss: Tesla and Big Tech Are About To Accelerate The Busiest Week Of The Earnings Season Tesla earlier this month reported first-quarter deliveries that beat analyst expectations, but the stock has been volatile of late sessions. See Also: Here’s Elon Musk’s ‘SNL’ Opening Monologue (Written by the SEC) A recent fatal accident involving a Tesla vehicle in Texas where authorities believe no one was behind the wheel has drawn new scrutiny to Autopilot , Tesla’s suite of advanced drivers. assistance systems. Autopilot has been criticized in some quarters for giving some drivers a false sense of security and for its name involving autonomous driving skills far beyond the current capabilities of the suite. US safety regulators are investigating several accidents involving Tesla vehicles in which the autopilot may have been involved. Tesla makes it clear that drivers using autopilot must remain alert and ready to take control at any time. The stock has gained 410% in the last 12 months, compared to gains of around 48% for the S&P 500 SPX Index, + 0.18% in the same period.