By Sam Boughedda
Investing.com -- XPeng Inc (NYSE:XPEV) reported its first-quarter earnings Monday, beating earnings and revenue expectations, but providing guidance that disappointed investors.
Revenue for the electric vehicle manufacturer came in at RMB 7.45 billion, which beat analysts' forecasts of RMB 7.38 billion. In addition, revenue increased 152.6% year-over-year.
The company reported its net losses widened to RMB 1.7 billion, increasing from RMB 786.6 million a year earlier. However, it beat analyst expectations.
"Our first quarter performance marked a strong start to 2022," said He Xiaopeng, Chairman and CEO of XPeng. "Demand for our high-quality EV products was robust and our proprietary suite of technologies continue to lead the industry."
The company's quarterly results come after massive supply-chain disruptions from China's decision to isolate major cities from the Omicron variant.
However, Xiaopeng added that XPeng was able to address supply chain challenges more efficiently due to its "superior in-house technology development capability and proactive supply chain management."
Deliveries in the first quarter reached 34,561 vehicles, a 159% increase year-over-year, while the quarterly gross margin was 12.2%, a rise of 100 basis points year-over-year.
Despite the earnings and revenue beat, XPeng stock is down 7% on Monday after its outlook disappointed.
The company's second-quarter outlook includes vehicle deliveries of between 31,000 and 34,000, while revenue is expected to be between RMB 6.8 billion and RMB 7.5 billion, below expectations of RMB 8.14 billion.