U.S. automaker Ford Motor Co (NYSE:F). cut net income 9.4 times to $1.3 billion, or 32 cents per share, in the fourth quarter of 2022, compared with $12.3 billion, or $3.03 per share, in the comparable period a year earlier.

Ford’s adjusted earnings rose to 51 cents per share from 26 cents per share a year earlier. The figure was below the 62 cents per share expected by analysts surveyed by FactSet, the company said.

Revenue, meanwhile, rose 17% to $44 billion. Experts had forecast revenue of $41.4 billion.

The company said in a statement that the results fell short of its expectations, due in part to supply chain and manufacturing instability that led to higher costs and lower-than-expected vehicle production.

For the full year 2022, Ford recorded a net loss of $2 billion, compared with a profit of $17.9 billion a year earlier.

Ford forecast EBIT this year of $9-11 billion, but warned that factors such as the recession in the U.S. and Europe, a stronger U.S. dollar and higher customer acquisition costs could have a negative impact on the figure.

Ford said earlier this week that it will “significantly increase” production of its Mustang Mach-E electric cars in 2023. At the same time, the company sees an opportunity for lower prices for these electric cars in the US.

Ford shares fell 6.4 percent in additional trading in New York on Thursday. The company’s capitalization has risen 23.1% to $55.4 billion since the beginning of this year.