Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Rivian Delivers Q2 Results Beat, But Estimates Deeper Annual Losses; Shares Slip

Published 12/08/2022, 06:34 am
Updated 12/08/2022, 06:34 am
© Reuters

© Reuters

By Yasin Ebrahim 

Investing.com -- Rivian reported Thursday better-than-expected second-quarter results, but the electric vehicle maker forecast deeper losses for the year as ongoing supply-chain issues continue to hold back production.

Rivian Automotive Inc (NASDAQ:RIVN) fell more than 2% in afterhours trading following the report. 

The EV maker reported a loss of $1.62 a share on revenue of $364 million, topping estimates of $1.63 and $335.4 million, respectively. 

The company produced 4,401 vehicles in the second quarter, up from 2,553 in the first quarter. 

The company reaffirmed its 2022 production guidance of 25,000 total units, but cut its guidance on adjusted EBITDA to a loss of $5.45 billion for the year, compared with a prior forecast for a loss of $4.75 billion, reflecting the impact of rising costs, and supply-chain challenges, the company said.  

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.