Asia Tech Wire (May 20) -- Chinese electric car maker Li Auto Inc. (2015.HK, LI:NASDAQ GS) fell nearly 5% after issuing lower-than-market-expected earnings guidance for the second quarter of 2024.

Li Auto fell nearly 5% in pre-market trading on the Nasdaq after it released its financial results for the first quarter of 2024 on Monday.

The latest earnings results showed that the electric car maker reported revenue of 25.6 billion yuan for the quarter, up 36% year-on-year, but slightly below market estimates of 25.58 billion yuan.

Despite the revenue growth, Li Auto posted a net profit of 591 million yuan for the quarter, down 36.7% year-on-year.

The company said it delivered 80,400 cars in the first quarter of the year, up 53% from a year earlier.

Li Auto expects its second-quarter revenue to be in the range of 29.9 billion yuan to 31.4 billion yuan, below the market estimate of 38.63 billion yuan.

It also expects its second-quarter deliveries to be between 105,000 and 110,000 units, below market estimates of 130,692 units.