Nio (NYSE:NIO) earnings for the second quarter of fiscal year 2020 have NIO stock heading lower on Tuesday. That’s despite its adjusted losses per American Depositary Share (ADS) of 15 cents being better than Wall Street’s estimate of a 26-cent loss. However, the company’s revenue of $493.4 million was below analysts’ estimate for $504 million.

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Moreover, Nio reported GAAP losses per ADS of 16 cents for the period.

Now, let’s take a closer look at the most recent NIO earnings report.

• Per-share losses for the quarter are up 65.9% from 44 cents during the same time last year.
• Revenue is sitting 139.4% higher than the $206.1 million from the second quarter of 2019.
• Operating loss of $164.2 million is a 64% improvement year-over-year from $469.9 million.
• The NIO earnings report also has it bringing in a net loss of $166.5 million.
• That is 65.2% better compared to a loss of $478.6 million from the same period of the year prior.

William Li, founder, chairman and CEO of Nio, said this about the NIO stock earnings:

“We achieved a record-high quarterly deliveries of 10,331 ES8 and ES6 vehicles in total in the second quarter of 2020 and expect to deliver 11,000 to 11,500 vehicles in the third quarter as the momentum continues. … Beyond the strong order growth, we are proud to reach a milestone quarter with respect to the key financial metrics of the Company, highlighted with the historically high vehicle gross margin of 9.7%, lowest-ever operating losses and more importantly, a positive cash flow from operations for the first time in our history.”

The company does include some guidance for vehicle deliveries and revenues for Q3 of FY2020. This has Nio expecting between 11,000 and 11,500 vehicles to be delivered and revenue between $572.9 million and $596.2 million for the period. Meanwhile, Wall Street is calling for revenue of $537.15 million for next quarter.

NIO stock was down 4.3% as of Tuesday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.