Shares of Tesla plunged more than 10 percent in late trading after Elon Musk’s electric-car maker reported a greater-than-expected second-quarter loss.

The loss of $1.12 per share was narrower than its loss of $3.06 a share during the year-earlier period, but it exceeded analysts’ predictions for a loss of 31 cents a share.

Revenue of $6.35 billion also fell 1.4 percent short of Wall Street’s consensus.

Shares were down at one point in extended trading by 11 percent after closing up 1.8 percent, to $264.88 a share. Year to date, the stock is down 20 percent.

Despite Tesla’s earnings miss, the company met its commitment to boost vehicle sales by 47 percent. It also stuck by its previous guidance to deliver 360,000 to 400,000 vehicles for the year.

Those numbers are key in light of Tesla’s delivering only 63,000 vehicles during the first quarter — nearly 20 percent below the 76,000 cars expected by analysts.

Earlier this month, Tesla sought to calm investors by reporting second-quarter deliveries — driven by a 321 percent sales increase in its Model 3 compact car — totaled a record 95,200.

But that record, coupled with a net loss of $408 million, made CFRA analyst Garrett Nelson even more skeptical.

“This is an extremely demoralizing release,” Nelson told CNBC. “You have to look at this and question what the path to profitability looks like for Tesla if they can’t generate a profit on record high sales.”