New Delhi, April 23 -- Tesla reported a 71% year-on-year decline in first-quarter profit, as weakening automotive demand and geopolitical uncertainties weighed on the electric vehicle (EV) maker's performance. The company posted a net profit of $409 million for the January-March period, falling short of analyst expectations.

Revenue for the quarter declined 9% year-on-year to $19.34 billion, compared to consensus estimates of $21.11 billion, according to LSEG data. Operating income stood at $399 million for the period.

Adjusted earnings came in at 27 cents per share, missing the average analyst forecast. Automotive gross margin, excluding regulatory credits, fell to 12.5%, down from 13.6% in the previous quarter, based on Reuters' calcu...