Rivian Stock Is Stuck In Reverse Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower after the company reported second-quarter financial results. Rivian's revenue beat estimates, but its quarterly loss was larger than expected. The company produced 9,612 vehicles and delivered 13,790 vehicles in Q2. Rivian is progressing on integrating its technology with Volkswagen products and expects to close the joint venture in Q4. Despite reaffirming its annual guidance, Rivian's stock fell 8.78% following the results.
August 07, 2024 | 1:26 pm
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Rivian's stock fell 8.78% after the company reported Q2 results. While revenue beat estimates, the quarterly loss was larger than expected. The company is making progress on its joint venture with Volkswagen and reaffirmed its annual guidance.
Rivian's larger-than-expected quarterly loss overshadowed its revenue beat, leading to a significant drop in stock price. The reaffirmation of annual guidance and progress on the Volkswagen JV were not enough to offset investor concerns about profitability.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100