Shares of Tesla (TSLA) were sharply lower in recent trade on Thursday, the morning after the electric car-manufacturer trimmed its full-year capital expenditure guidance amid second-quarter results which fell short of analysts’ expectations.

The Silicon Valley vehicle maker’s shares were 12.3% lower at the time of writing before markets had opened. It generated revenue of $6.35 billion in the three months ended June 30, up 59% from the corresponding quarter of the prior year. This was, however, below the consensus estimate of analysts polled by Capital IQ for $6.44 billion.

The year-on-year revenue growth was supported by deliveries of 95,356 vehicles and production of 87,048 vehicles – a record for Tesla. Automotive revenue was worth $5.38 billion, up 60% from the $3.36 billion in the corresponding quarter of the prior year.

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Model S/X production declined by 41% year-on-year to 14,517 with 17,722 deliveries, down 21% over the same time frame. Production of the company’s Model 3 cars rose by 154% to 72,531, with deliveries rising 32% to 77,634.

The adjusted net loss per share came in at $1.12, a 63% improvement from the prior-year period’s $3.06 adjusted loss per share. Analysts had expected an adjusted loss of $0.40 per share.

The company reiterated its guidance of 360,000 to 400,000 vehicle deliveries this year while lowering its capital expenditure guidance to $1.5 billion to $2.0 billion from previous guidance, issued in April, for capital expenditure of $2.0 billion to $2.5 billion.

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