Rivian Q4 Earnings Highlights: Revenue Beat, EPS Miss, 2024 Guidance And More
Portfolio Pulse from Chris Katje
Rivian Automotive (NASDAQ:RIVN) reported Q4 earnings with revenue of $1.32 billion, surpassing estimates but missed EPS expectations with a loss of $1.36 per share. The company produced 17,541 vehicles and delivered 13,972 in Q4, ending the year with $9.37 billion in cash. For 2024, Rivian aims for cost efficiency and expects to produce 57,000 vehicles with an adjusted EBITDA loss of $2.7 billion. It also plans a 10% workforce reduction and the unveiling of the Rivian R2 on March 7. RIVN shares dropped 17% in after-hours trading.
February 21, 2024 | 9:55 pm
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Rivian reported higher Q4 revenue but missed EPS estimates, plans for 57,000 vehicles in 2024 with a $2.7 billion EBITDA loss, and announced a 10% workforce reduction. Shares fell 17% in after-hours.
The mixed earnings report, with a revenue beat but an EPS miss, alongside the announcement of a significant workforce reduction and a substantial expected EBITDA loss for 2024, likely contributed to the negative investor sentiment, resulting in a 17% drop in after-hours trading. The unveiling of the Rivian R2 could provide some positive momentum, but the short-term outlook appears challenging due to the financial losses and job cuts.
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