Revenue of the largest U.S. automaker General Motors in the first quarter of 2022 by 11% to $35.98 billion, compared to $32.47 billion in the same period of the previous year.

GM said in a press release that its net income in the January-March period fell 4% to $2.9 billion, or $1.35 per share, compared with $3.02 billion, or $2.03 per share, a year earlier. Earnings excluding one-time factors were $2.09 per share, compared with $2.25 for the same quarter in 2021.

Analysts surveyed by FactSet on average had forecast GM’s revenue at $36.9 billion and adjusted earnings at $1.65 per share.

GM’s car sales last quarter fell 18% to 1.427 million. 601,000 cars were sold in North America (down 19%), 735,000 in AMEA (Asia, Middle East and Africa) (down 16%), and 90,000 in South America (down 24%).

The company reaffirmed its outlook for 2022, citing strong demand for its vehicles, as well as continued cost control and progress on its business transformation plan.

GM’s net income is expected to be in the range of $9.6-11.2 billion this year, with earnings per share of $5.76-6.76 and adjusted earnings per share of $6.5-7.5, according to its estimates.

GM shares were up nearly 2 percent in additional trading Tuesday. Their value has fallen 35% since the beginning of this year.